1858 Wealth Management LLC Grows Position in Broadcom Inc. (NASDAQ:AVGO)

1858 Wealth Management LLC increased its position in Broadcom Inc. (NASDAQ:AVGO) by 892.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,861 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,371 shares during the quarter. 1858 Wealth Management LLC’s holdings in Broadcom were worth $839,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Legend Financial Advisors Inc. lifted its stake in shares of Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares during the period. Richardson Capital Management LLC purchased a new position in shares of Broadcom in the 1st quarter valued at approximately $29,000. Delta Asset Management LLC TN lifted its stake in shares of Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the period. Redmont Wealth Advisors LLC purchased a new position in shares of Broadcom in the 1st quarter valued at approximately $36,000. Finally, St. Johns Investment Management Company LLC lifted its stake in shares of Broadcom by 4,000.0% in the 1st quarter. St. Johns Investment Management Company LLC now owns 41 shares of the semiconductor manufacturer’s stock valued at $54,000 after purchasing an additional 40 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $179.38 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a one year low of $81.83 and a one year high of $186.42. The firm has a market capitalization of $834.99 billion, a P/E ratio of 7.72, a PEG ratio of 2.99 and a beta of 1.17. The business has a fifty day moving average of $167.61 and a 200 day moving average of $153.88.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS 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 analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 earnings per share. As a group, sell-side analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts have issued reports on AVGO shares. UBS Group lowered their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. William Blair started coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating for the company. Cantor Fitzgerald lifted their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. JPMorgan Chase & Co. lifted their price objective on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, Mizuho lifted their price objective on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $191.54.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the transaction, the insider now directly owns 380,560 shares in the company, valued at approximately $69,596,812.80. The trade was 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 the SEC website. In other news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

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.