Wedmont Private Capital Has $7.95 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Wedmont Private Capital boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 4.9% during the third quarter, HoldingsChannel.com reports. The fund owned 45,412 shares of the semiconductor manufacturer’s stock after buying an additional 2,126 shares during the quarter. Wedmont Private Capital’s holdings in Broadcom were worth $7,951,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Legend Financial Advisors Inc. boosted 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 in the last quarter. Richardson Capital Management LLC bought a new stake in shares of Broadcom during the first quarter worth $29,000. Delta Asset Management LLC TN increased its holdings in shares of Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC bought a new position in shares of Broadcom in the 1st quarter valued at $36,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at $43,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of AVGO opened at $185.95 on Thursday. The stock has a 50 day moving average of $160.88 and a 200 day moving average of $150.57. 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 Inc. has a 12 month low of $81.83 and a 12 month high of $186.42. The company has a market capitalization of $865.57 billion, a price-to-earnings ratio of 8.00, a PEG ratio of 2.78 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 EPS. As a group, sell-side analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced 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 is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio is currently 9.12%.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the sale, the insider now owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $172.32, for a total value of $3,446,400.00. Following the sale, the chief executive officer now directly owns 1,151,910 shares of the company’s stock, valued at approximately $198,497,131.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the sale, the insider now owns 399,460 shares in the company, valued at $70,744,366. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 276,230 shares of company stock valued at $47,190,190. 2.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have commented on AVGO. Truist Financial increased their target price on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. The Goldman Sachs Group raised their price target on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Evercore ISI boosted their price objective on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Finally, Rosenblatt Securities lowered their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $190.29.

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.