49 Wealth Management LLC Has $1.32 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

49 Wealth Management LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,961.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,648 shares of the semiconductor manufacturer’s stock after acquiring an additional 7,277 shares during the quarter. 49 Wealth Management LLC’s holdings in Broadcom were worth $1,319,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Lathrop Investment Management Corp grew its position in shares of Broadcom by 900.0% in the 3rd quarter. Lathrop Investment Management Corp now owns 1,310 shares of the semiconductor manufacturer’s stock valued at $226,000 after buying an additional 1,179 shares during the last quarter. Eagle Asset Management Inc. boosted its holdings in Broadcom by 829.4% in the third quarter. Eagle Asset Management Inc. now owns 1,698,196 shares of the semiconductor manufacturer’s stock valued at $311,857,000 after acquiring an additional 1,515,479 shares during the last quarter. Investors Research Corp increased its position in Broadcom by 900.0% during the 3rd quarter. Investors Research Corp now owns 3,380 shares of the semiconductor manufacturer’s stock valued at $583,000 after purchasing an additional 3,042 shares during the period. Activest Wealth Management raised its holdings in Broadcom by 257.0% during the 3rd quarter. Activest Wealth Management now owns 846 shares of the semiconductor manufacturer’s stock worth $146,000 after purchasing an additional 609 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Broadcom by 962.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock worth $5,519,591,000 after purchasing an additional 28,985,434 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Up 0.2 %

Shares of NASDAQ:AVGO opened at $164.23 on Monday. The stock has a market cap of $767.05 billion, a price-to-earnings ratio of 142.81, a PEG ratio of 1.93 and a beta of 1.17. The business’s 50 day moving average is $173.70 and its 200 day moving average is $160.62. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. 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 posted its 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. 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 analyst estimates of $12.98 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The business’s revenue was up 47.3% compared to the same quarter last year. On average, sell-side analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 184.35%.

Insider Activity

In other news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 3.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last three months. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AVGO. The Goldman Sachs Group lifted their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Truist Financial lifted their price objective on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. William Blair began coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Rosenblatt Securities lowered their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Finally, Cantor Fitzgerald boosted their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $195.96.

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.