Northwestern Mutual Wealth Management Co. Buys 4,240 Shares of Broadcom Inc. (NASDAQ:AVGO)

Northwestern Mutual Wealth Management Co. grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 46,857 shares of the semiconductor manufacturer’s stock after buying an additional 4,240 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Broadcom were worth $75,308,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Legend Financial Advisors Inc. lifted its holdings 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 worth $25,000 after purchasing an additional 8 shares during the period. Richardson Capital Management LLC acquired a new position in Broadcom in the first quarter valued at $29,000. Delta Asset Management LLC TN lifted its holdings in Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 17 shares during the period. Redmont Wealth Advisors LLC acquired a new position in Broadcom in the first quarter valued at $36,000. Finally, Creekmur Asset Management LLC acquired a new position in Broadcom in the fourth quarter valued at $43,000. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Gayla J. Delly sold 750 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm’s 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 completion of the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The disclosure for this sale can be found here. Insiders have sold a total of 233,452 shares of company stock valued at $51,278,838 in the last quarter. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $172.69 on Monday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a 52 week low of $80.89 and a 52 week high of $185.16. The firm’s fifty day moving average is $158.00 and its 200 day moving average is $148.25. The firm has a market cap of $803.85 billion, a P/E ratio of 7.43, a P/E/G ratio of 2.78 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating 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 company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter last year, the firm earned $0.95 EPS. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current 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 $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Bank of America restated a “buy” rating and issued a $215.00 target price (up previously from $200.00) on shares of Broadcom in a report on Monday, June 24th. Melius initiated coverage on shares of Broadcom in a report on Monday, June 3rd. They set a “buy” rating and a $185.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Citigroup reiterated a “buy” rating and set a $156.00 price objective on shares of Broadcom in a report on Tuesday, June 11th. Finally, Morgan Stanley boosted their target price on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

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.