Broadcom Inc. (NASDAQ:AVGO) Position Raised by Purus Wealth Management LLC

Purus Wealth Management LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,181 shares of the semiconductor manufacturer’s stock after buying an additional 329 shares during the period. Broadcom makes up 3.0% of Purus Wealth Management LLC’s portfolio, making the stock its 7th biggest position. Purus Wealth Management LLC’s holdings in Broadcom were worth $6,714,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Lion Street Advisors LLC boosted its position in shares of Broadcom by 1.9% during the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock valued at $520,000 after buying an additional 6 shares during the last quarter. Tucker Asset Management LLC boosted its position in shares of Broadcom by 12.5% during the fourth quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock valued at $80,000 after buying an additional 8 shares during the last quarter. Buckley Wealth Management LLC boosted its position in shares of Broadcom by 0.7% during the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after buying an additional 8 shares during the last quarter. Legend Financial Advisors Inc. boosted its position in shares of Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 8 shares during the last quarter. Finally, Ascent Wealth Partners LLC boosted its position in shares of Broadcom by 0.3% during the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after buying an additional 8 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AVGO. Citigroup reissued a “buy” rating and issued a $156.00 target price on shares of Broadcom in a report on Tuesday, June 11th. UBS Group lowered their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a report on Monday, September 9th. Sanford C. Bernstein increased their target price on Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Melius Research began coverage on Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price on the stock. Finally, TD Cowen raised Broadcom to a “strong-buy” rating in a report on Monday. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $189.23.

Broadcom Stock Performance

NASDAQ AVGO opened at $162.47 on Wednesday. The stock has a market capitalization of $756.28 billion, a PE ratio of 6.99, a P/E/G ratio of 2.55 and a beta of 1.16. The business has a 50 day simple moving average of $157.17 and a two-hundred day simple moving average of $146.21. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 1-year low of $79.51 and a 1-year high of $185.16.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations 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 last year, the business posted $0.95 EPS. On average, research analysts predict that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

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.