Jupiter Wealth Management LLC Sells 1,310 Shares of Broadcom Inc. (NASDAQ:AVGO)

Jupiter Wealth Management LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 5.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 23,311 shares of the semiconductor manufacturer’s stock after selling 1,310 shares during the quarter. Broadcom accounts for approximately 2.1% of Jupiter Wealth Management LLC’s investment portfolio, making the stock its 14th biggest holding. Jupiter Wealth Management LLC’s holdings in Broadcom were worth $4,021,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Forge First Asset Management Inc. bought a new position in Broadcom during the 1st quarter valued at $8,808,000. M&G Plc bought a new position in shares of Broadcom during the first quarter valued at about $588,782,000. First Foundation Advisors boosted its holdings in Broadcom by 1.1% during the first quarter. First Foundation Advisors now owns 6,873 shares of the semiconductor manufacturer’s stock worth $9,109,000 after purchasing an additional 78 shares during the last quarter. Jupiter Asset Management Ltd. grew its position in Broadcom by 34.9% in the 1st quarter. Jupiter Asset Management Ltd. now owns 10,129 shares of the semiconductor manufacturer’s stock worth $13,425,000 after purchasing an additional 2,622 shares in the last quarter. Finally, Nicolet Advisory Services LLC increased its stake in Broadcom by 42.7% in the 1st quarter. Nicolet Advisory Services LLC now owns 692 shares of the semiconductor manufacturer’s stock valued at $923,000 after buying an additional 207 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $170.38 on Friday. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $795.77 billion, a PE ratio of 148.03, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. The firm’s 50 day simple moving average is $171.93 and its 200 day simple moving average is $158.86.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 earnings per share. As a group, analysts expect that Broadcom Inc. will post 3.78 earnings per share 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 given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 184.19%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on AVGO. Mizuho upped their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Benchmark reaffirmed a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Finally, Rosenblatt Securities dropped their target price 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 research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $192.79.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The trade was a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now owns 34,750 shares in the company, valued at approximately $6,064,917.50. This trade represents a 2.11 % decrease in their position. 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. 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.