Cahaba Wealth Management Inc. Buys 6,175 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cahaba Wealth Management Inc. grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 880.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,876 shares of the semiconductor manufacturer’s stock after acquiring an additional 6,175 shares during the quarter. Cahaba Wealth Management Inc.’s holdings in Broadcom were worth $1,186,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Clarity Wealth Advisors LLC grew its holdings in shares of Broadcom by 955.3% in the 3rd quarter. Clarity Wealth Advisors LLC now owns 4,084 shares of the semiconductor manufacturer’s stock valued at $704,000 after buying an additional 3,697 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of Broadcom by 863.1% in the third quarter. Commonwealth Equity Services LLC now owns 1,189,430 shares of the semiconductor manufacturer’s stock valued at $205,177,000 after purchasing an additional 1,065,932 shares in the last quarter. Mitsubishi UFJ Asset Management UK Ltd. lifted its stake in Broadcom by 900.0% in the 3rd quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 14,000 shares of the semiconductor manufacturer’s stock valued at $2,415,000 after acquiring an additional 12,600 shares in the last quarter. Legacy Financial Strategies LLC acquired a new stake in shares of Broadcom in the third quarter valued at about $236,000. Finally, ST Germain D J Co. Inc. boosted its holdings in shares of Broadcom by 900.0% in the 3rd quarter. ST Germain D J Co. Inc. now owns 1,100 shares of the semiconductor manufacturer’s stock valued at $190,000 after buying an additional 990 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

Broadcom stock opened at $179.89 on Monday. The stock has a 50-day moving average price of $166.52 and a two-hundred day moving average price of $153.25. Broadcom Inc. has a 12 month low of $81.83 and a 12 month high of $186.42. The company has a market capitalization of $837.37 billion, a PE ratio of 7.74, a P/E/G ratio of 2.99 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last issued 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. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The business’s quarterly revenue was up 47.3% on a year-over-year basis. Analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.18%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is presently 9.12%.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Hock E. Tan sold 50,000 shares of the firm’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 transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the sale, the insider now directly owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on AVGO shares. Bank of America reiterated a “buy” rating and set a $215.00 target price (up from $200.00) on shares of Broadcom in a research note on Monday, June 24th. UBS Group decreased their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a report on Monday, September 9th. Truist Financial increased 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. Cantor Fitzgerald boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Finally, Benchmark reaffirmed a “buy” rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. Two 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $191.54.

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.