New Century Financial Group LLC Acquires 2,558 Shares of Broadcom Inc. (NASDAQ:AVGO)

New Century Financial Group LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,093.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 2,792 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,558 shares during the period. New Century Financial Group LLC’s holdings in Broadcom were worth $482,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Keystone Wealth Services LLC acquired a new stake in Broadcom in the 1st quarter valued at about $211,000. Mechanics Bank Trust Department acquired a new stake in shares of Broadcom in the first quarter valued at approximately $223,000. Retirement Planning Group LLC bought a new position in Broadcom in the 1st quarter worth approximately $313,000. Inspirion Wealth Advisors LLC acquired a new position in Broadcom during the 1st quarter worth $232,000. Finally, New England Professional Planning Group Inc. bought a new position in Broadcom in the 1st quarter valued at $265,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. 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 accessible through this hyperlink. In other news, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at $204,399,515.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 value of $3,591,588.00. Following the completion of the sale, the insider now directly owns 399,460 shares in the company, valued at approximately $70,744,366. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 over the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Trading Up 0.1 %

Shares of NASDAQ:AVGO opened at $179.99 on Tuesday. The firm has a market cap of $837.83 billion, a price-to-earnings ratio of 7.74, a PEG ratio of 2.99 and a beta of 1.17. 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 Inc. has a 12 month low of $81.83 and a 12 month high of $186.42. The company’s fifty day simple moving average is $167.14 and its 200 day simple moving average is $153.56.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the company posted $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 declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent research reports. The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Mizuho upped their target price on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Morgan Stanley boosted their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Rosenblatt Securities reduced their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target 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.