Marietta Wealth Management LLC Acquires 61,159 Shares of Broadcom Inc. (NASDAQ:AVGO)

Marietta Wealth Management LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 886.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 68,058 shares of the semiconductor manufacturer’s stock after purchasing an additional 61,159 shares during the quarter. Broadcom makes up approximately 1.7% of Marietta Wealth Management LLC’s holdings, making the stock its 15th biggest holding. Marietta Wealth Management LLC’s holdings in Broadcom were worth $11,740,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Brookstone Capital Management boosted its stake in Broadcom by 7.6% during the 1st quarter. Brookstone Capital Management now owns 2,981 shares of the semiconductor manufacturer’s stock worth $3,952,000 after acquiring an additional 211 shares during the last quarter. Cypress Wealth Services LLC boosted its stake in Broadcom by 78.2% during the 1st quarter. Cypress Wealth Services LLC now owns 376 shares of the semiconductor manufacturer’s stock worth $499,000 after acquiring an additional 165 shares during the last quarter. Norwood Financial Corp boosted its stake in Broadcom by 40.0% during the 1st quarter. Norwood Financial Corp now owns 105 shares of the semiconductor manufacturer’s stock worth $139,000 after acquiring an additional 30 shares during the last quarter. Ameliora Wealth Management Ltd. boosted its stake in Broadcom by 18.7% during the 1st quarter. Ameliora Wealth Management Ltd. now owns 927 shares of the semiconductor manufacturer’s stock worth $1,229,000 after acquiring an additional 146 shares during the last quarter. Finally, Capital Insight Partners LLC boosted its stake in Broadcom by 17.2% during the 1st quarter. Capital Insight Partners LLC now owns 429 shares of the semiconductor manufacturer’s stock worth $569,000 after acquiring an additional 63 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

AVGO has been the topic of several recent analyst reports. Truist Financial lifted their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Benchmark reaffirmed a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Morgan Stanley lifted their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Rosenblatt Securities cut their price target 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. Finally, TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Two equities 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $191.54.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 of the company’s stock, valued at approximately $69,596,812.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Broadcom Price Performance

Shares of AVGO opened at $171.35 on Friday. The company has a market cap of $797.61 billion, a price-to-earnings ratio of 7.37, a PEG ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a 1-year low of $81.83 and a 1-year high of $186.42. The company’s fifty day simple moving average is $167.93 and its 200 day simple moving average is $154.14. 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 earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 earnings per share. On average, research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed 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 represents a $2.12 dividend on an annualized basis and a yield of 1.24%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is 9.12%.

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.