Modera Wealth Management LLC Purchases 394,327 Shares of Broadcom Inc. (NASDAQ:AVGO)

Modera Wealth Management LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 852.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 440,582 shares of the semiconductor manufacturer’s stock after purchasing an additional 394,327 shares during the period. Broadcom comprises 1.0% of Modera Wealth Management LLC’s portfolio, making the stock its 26th biggest position. Modera Wealth Management LLC’s holdings in Broadcom were worth $76,000,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AVGO. Swedbank AB raised its position in Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares in the last quarter. Raymond James & Associates raised its position in Broadcom by 855.4% during the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock valued at $2,186,292,000 after purchasing an additional 11,347,563 shares in the last quarter. International Assets Investment Management LLC raised its position in Broadcom by 226,130.5% during the 3rd quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer’s stock valued at $14,224,520,000 after purchasing an additional 8,242,455 shares in the last quarter. Pathway Financial Advisers LLC raised its position in Broadcom by 156,028.8% during the 3rd quarter. Pathway Financial Advisers LLC now owns 7,284,970 shares of the semiconductor manufacturer’s stock valued at $1,256,657,000 after purchasing an additional 7,280,304 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Broadcom by 958.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,267,031 shares of the semiconductor manufacturer’s stock valued at $564,183,000 after purchasing an additional 2,958,257 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Up 4.2 %

Broadcom stock opened at $179.24 on Wednesday. The business’s 50-day simple moving average is $168.53 and its two-hundred day simple moving average is $155.27. Broadcom Inc. has a fifty-two week low of $82.72 and a fifty-two week high of $186.42. The company has a market cap of $834.34 billion, a PE ratio of 155.86, a PEG ratio of 2.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

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. Equities analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors 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. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.18%. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent research reports. Morgan Stanley boosted their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Oppenheimer reduced their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, Mizuho boosted their price target on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $191.54.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on 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 owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade 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 this link. In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on 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 owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade 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 this link. Also, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the transaction, the insider now owns 380,560 shares in the company, valued at approximately $69,596,812.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

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.