B. Riley Wealth Advisors Inc. Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

B. Riley Wealth Advisors Inc. cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 29.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,134 shares of the semiconductor manufacturer’s stock after selling 8,013 shares during the period. Broadcom comprises about 0.8% of B. Riley Wealth Advisors Inc.’s investment portfolio, making the stock its 17th biggest position. B. Riley Wealth Advisors Inc.’s holdings in Broadcom were worth $30,720,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Lion Street Advisors LLC raised its stake in Broadcom by 1.9% in the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after buying an additional 6 shares in the last quarter. Tucker Asset Management LLC raised its position in shares of Broadcom by 12.5% in the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after acquiring an additional 8 shares in the last quarter. Buckley Wealth Management LLC raised its position in shares of Broadcom by 0.7% in the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock worth $1,529,000 after acquiring an additional 8 shares in the last quarter. Legend Financial Advisors Inc. lifted its stake in shares of Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the last quarter. Finally, Ascent Wealth Partners LLC boosted its position in Broadcom by 0.3% during the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after purchasing an additional 8 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a 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 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 transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 233,452 shares of company stock worth $51,278,838. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $172.69 on Monday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm has a market cap of $803.85 billion, a PE ratio of 7.43, a PEG ratio of 2.78 and a beta of 1.16. Broadcom Inc. has a one year low of $80.89 and a one year high of $185.16. The firm has a fifty day moving average of $158.00 and a 200 day moving average of $148.25.

Broadcom (NASDAQ:AVGO) last announced its 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. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The business’s revenue was up 47.3% compared to the same quarter last year. As a group, research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. William Blair initiated coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. The Goldman Sachs Group increased their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Benchmark reaffirmed a “buy” rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Truist Financial increased their price objective on Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a report on Thursday, June 13th. Finally, Morgan Stanley boosted their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $189.23.

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.