Waterway Wealth Management LLC Invests $429,000 in Broadcom Inc. (NASDAQ:AVGO)

Waterway Wealth Management LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,485 shares of the semiconductor manufacturer’s stock, valued at approximately $429,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Raleigh Capital Management Inc. increased its stake in Broadcom by 990.4% in the third quarter. Raleigh Capital Management Inc. now owns 14,263 shares of the semiconductor manufacturer’s stock valued at $2,460,000 after purchasing an additional 12,955 shares during the last quarter. GFG Capital LLC acquired a new position in shares of Broadcom in the 3rd quarter valued at $450,000. Copeland Capital Management LLC grew its position in shares of Broadcom by 856.6% in the 3rd quarter. Copeland Capital Management LLC now owns 202,015 shares of the semiconductor manufacturer’s stock valued at $34,848,000 after buying an additional 180,897 shares during the last quarter. Evernest Financial Advisors LLC raised its stake in Broadcom by 3,024.9% during the 3rd quarter. Evernest Financial Advisors LLC now owns 5,531 shares of the semiconductor manufacturer’s stock worth $954,000 after acquiring an additional 5,354 shares in the last quarter. Finally, Community Financial Services Group LLC boosted its stake in Broadcom by 898.5% in the third quarter. Community Financial Services Group LLC now owns 55,616 shares of the semiconductor manufacturer’s stock valued at $9,594,000 after acquiring an additional 50,046 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVGO has been the topic of a number of research analyst reports. UBS Group cut their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Morgan Stanley boosted their price objective on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. William Blair began coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Mizuho upped their price objective on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. boosted their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $191.54.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the sale, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 over the last quarter. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Down 3.3 %

AVGO opened at $173.51 on Thursday. The business’s fifty day simple moving average is $167.93 and its 200 day simple moving average is $154.14. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $186.42. The firm has a market cap of $807.67 billion, a P/E ratio of 7.46, a PEG ratio of 2.99 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period last year, the company earned $0.95 EPS. As a group, equities research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders 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 1.22%. The ex-dividend date was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 9.12%.

Broadcom 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.