Whalen Wealth Management Inc. Takes $997,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Whalen Wealth Management Inc. purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,778 shares of the semiconductor manufacturer’s stock, valued at approximately $997,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Stonebridge Capital Advisors LLC raised its position in Broadcom by 18.9% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 226 shares of the semiconductor manufacturer’s stock worth $300,000 after buying an additional 36 shares during the last quarter. Gamco Investors INC. ET AL increased its stake in shares of Broadcom by 80.5% during the first quarter. Gamco Investors INC. ET AL now owns 897 shares of the semiconductor manufacturer’s stock worth $1,189,000 after acquiring an additional 400 shares during the period. Epoch Investment Partners Inc. raised its holdings in Broadcom by 6.2% during the first quarter. Epoch Investment Partners Inc. now owns 395,266 shares of the semiconductor manufacturer’s stock worth $523,890,000 after purchasing an additional 23,162 shares in the last quarter. Lazard Asset Management LLC lifted its position in Broadcom by 297.2% in the first quarter. Lazard Asset Management LLC now owns 523,732 shares of the semiconductor manufacturer’s stock valued at $694,158,000 after purchasing an additional 391,877 shares during the period. Finally, Steel Grove Capital Advisors LLC boosted its holdings in Broadcom by 75.5% in the 1st quarter. Steel Grove Capital Advisors LLC now owns 918 shares of the semiconductor manufacturer’s stock valued at $1,217,000 after purchasing an additional 395 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVGO. JPMorgan Chase & Co. increased their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Morgan Stanley raised their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Truist Financial upped their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. 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 research note on Friday, September 6th. Finally, Cantor Fitzgerald upped their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last 90 days. 2.00% of the stock is owned by company insiders.

Broadcom Price Performance

Broadcom stock opened at $163.89 on Friday. The firm’s 50-day moving average is $173.77 and its two-hundred day moving average is $160.37. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a market capitalization of $765.45 billion, a P/E ratio of 142.39, a P/E/G ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the previous year, the company earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. Equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current 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 $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

About Broadcom

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.