Trueblood Wealth Management LLC Buys 5,027 Shares of Broadcom Inc. (NASDAQ:AVGO)

Trueblood Wealth Management LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 939.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,562 shares of the semiconductor manufacturer’s stock after purchasing an additional 5,027 shares during the period. Trueblood Wealth Management LLC’s holdings in Broadcom were worth $959,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AXA S.A. lifted its position in Broadcom by 2.7% during the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after purchasing an additional 7,608 shares during the period. Whittier Trust Co. raised its position in Broadcom by 947.2% in the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock worth $119,000,000 after acquiring an additional 623,983 shares during the period. Signaturefd LLC raised its position in Broadcom by 913.0% in the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer’s stock worth $13,624,000 after acquiring an additional 71,181 shares during the period. Godsey & Gibb Inc. raised its position in Broadcom by 887.0% in the third quarter. Godsey & Gibb Inc. now owns 180,672 shares of the semiconductor manufacturer’s stock worth $31,166,000 after acquiring an additional 162,366 shares during the period. Finally, Renaissance Investment Group LLC raised its position in Broadcom by 851.2% in the third quarter. Renaissance Investment Group LLC now owns 120,969 shares of the semiconductor manufacturer’s stock worth $20,867,000 after acquiring an additional 108,251 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Cantor Fitzgerald increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Truist Financial increased their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. William Blair assumed coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Finally, Rosenblatt Securities decreased 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 report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.54.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $172.02 on Tuesday. Broadcom Inc. has a 52 week low of $82.72 and a 52 week high of $186.42. The stock has a market capitalization of $800.73 billion, a P/E ratio of 7.40, a PEG ratio of 2.99 and a beta of 1.17. The firm has a fifty day simple moving average of $168.26 and a two-hundred day simple moving average of $154.95. 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 (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period last year, the company posted $0.95 EPS. The business’s revenue was up 47.3% on a year-over-year basis. On average, analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares in the company, valued at approximately $133,781,155.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now 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 position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 in the last three months. Corporate insiders own 2.00% of the company’s stock.

Broadcom Company 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.