New Century Financial Group LLC Invests $376,000 in Broadcom Inc. (NASDAQ:AVGO)

New Century Financial Group LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the 2nd quarter, Holdings Channel reports. The firm bought 234 shares of the semiconductor manufacturer’s stock, valued at approximately $376,000.

Several other large investors also recently made changes to their positions in the business. Lion Street Advisors LLC grew its holdings 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 worth $520,000 after purchasing an additional 6 shares during the last quarter. Tucker Asset Management LLC boosted its holdings in Broadcom by 12.5% in the fourth quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock valued at $80,000 after acquiring an additional 8 shares during the last quarter. Buckley Wealth Management LLC boosted its holdings in Broadcom by 0.7% in the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after acquiring an additional 8 shares during the last quarter. Legend Financial Advisors Inc. boosted its holdings in Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares during the last quarter. Finally, Ascent Wealth Partners LLC boosted its holdings in Broadcom by 0.3% in the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after acquiring an additional 8 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $167.47 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company’s fifty day simple moving average is $158.30 and its 200-day simple moving average is $148.82. Broadcom Inc. has a 12 month low of $80.89 and a 12 month high of $185.16. The firm has a market cap of $779.55 billion, a PE ratio of 7.20, a P/E/G ratio of 2.78 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last posted its quarterly 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 for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the prior year, the firm posted $0.95 earnings per share. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. Equities research analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio is 9.12%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 233,452 shares of company stock valued at $51,278,838. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AVGO. Bank of America reiterated a “buy” rating and issued a $215.00 price target (up previously from $200.00) on shares of Broadcom in a report on Monday, June 24th. JPMorgan Chase & Co. raised their price target on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Truist Financial raised their target price on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom currently 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.