Alpha Omega Wealth Management LLC Has $6.52 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Alpha Omega Wealth Management LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 875.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 37,800 shares of the semiconductor manufacturer’s stock after purchasing an additional 33,924 shares during the quarter. Broadcom comprises 1.2% of Alpha Omega Wealth Management LLC’s portfolio, making the stock its 19th biggest holding. Alpha Omega Wealth Management LLC’s holdings in Broadcom were worth $6,521,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Broadcom by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after purchasing an additional 1,303,462 shares during the period. Jennison Associates LLC raised its position in shares of Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after buying an additional 1,263,957 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Broadcom by 2.2% in the second quarter. Legal & General Group Plc now owns 3,963,063 shares of the semiconductor manufacturer’s stock valued at $6,362,816,000 after buying an additional 83,846 shares during the period. GQG Partners LLC grew its position in Broadcom by 48.9% during the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock worth $3,966,730,000 after buying an additional 983,328 shares in the last quarter. Finally, Swedbank AB bought a new position in Broadcom during the first quarter valued at about $2,835,737,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Up 0.7 %

NASDAQ:AVGO opened at $171.89 on Friday. The company has a market cap of $800.13 billion, a price-to-earnings ratio of 7.39, a P/E/G ratio of 2.78 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The stock’s fifty day moving average price is $159.14 and its two-hundred day moving average price is $149.44. Broadcom Inc. has a 52-week low of $81.17 and a 52-week high of $185.16.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 earnings per share. On average, analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.23%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is 9.12%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. Insiders have sold 243,452 shares of company stock worth $52,950,238 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Mizuho raised their price objective on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Citigroup reaffirmed a “buy” rating and issued a $156.00 target price on shares of Broadcom in a research report on Tuesday, June 11th. The Goldman Sachs Group boosted their price target on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Rosenblatt Securities reduced their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. upped their target price on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $189.23.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.