EP Wealth Advisors LLC Has $152 Million Position in Broadcom Inc. (NASDAQ:AVGO)

EP Wealth Advisors LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 94,670 shares of the semiconductor manufacturer’s stock after buying an additional 406 shares during the quarter. Broadcom accounts for 1.6% of EP Wealth Advisors LLC’s portfolio, making the stock its 13th biggest holding. EP Wealth Advisors LLC’s holdings in Broadcom were worth $151,996,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AXA S.A. raised its stake in shares of Broadcom by 2.7% in the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after purchasing an additional 7,608 shares in the last quarter. Capital International Ltd. CA raised its position in Broadcom by 1.7% in the fourth quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock worth $87,367,000 after purchasing an additional 1,310 shares in the last quarter. Ensign Peak Advisors Inc boosted its holdings in Broadcom by 19.1% during the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock valued at $842,160,000 after purchasing an additional 84,196 shares in the last quarter. Shellback Capital LP bought a new stake in shares of Broadcom in the 2nd quarter valued at approximately $60,368,000. Finally, DigitalBridge Group Inc. bought a new position in shares of Broadcom during the 2nd quarter worth approximately $17,658,000. 76.43% of the stock is currently owned by institutional investors.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 7,502 shares of the 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 sale, 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 SEC, which is available at this link. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s 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 sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. 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 business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 233,452 shares of company stock valued at $51,278,838. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AVGO. Truist Financial increased their price objective on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of Broadcom in a research report on Friday, September 6th. Piper Sandler raised their price objective on shares of Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Citigroup restated a “buy” rating and set a $156.00 price target on shares of Broadcom in a research report on Tuesday, June 11th. Finally, Jefferies Financial Group boosted their price objective on Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Two investment 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Trading Down 3.0 %

Shares of NASDAQ:AVGO opened at $172.69 on Monday. The firm has a market cap of $803.85 billion, a price-to-earnings ratio of 7.43, a PEG ratio of 2.78 and a beta of 1.16. Broadcom Inc. has a 12 month low of $80.89 and a 12 month high of $185.16. The company’s fifty day simple moving average is $158.00 and its 200 day simple moving average is $148.25. 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 quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The company 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%. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.95 earnings per share. As a group, research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 9.12%.

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.