Taylor & Morgan Wealth Management LLC Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Taylor & Morgan Wealth Management LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 763.1% during the third quarter, Holdings Channel.com reports. The firm owned 14,052 shares of the semiconductor manufacturer’s stock after purchasing an additional 12,424 shares during the quarter. Broadcom accounts for approximately 1.6% of Taylor & Morgan Wealth Management LLC’s holdings, making the stock its 14th largest position. Taylor & Morgan Wealth Management LLC’s holdings in Broadcom were worth $2,424,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of AVGO. TCI Wealth Advisors Inc. increased its position in Broadcom by 990.5% in the third quarter. TCI Wealth Advisors Inc. now owns 5,845 shares of the semiconductor manufacturer’s stock worth $1,008,000 after buying an additional 5,309 shares in the last quarter. Patriot Financial Group Insurance Agency LLC grew its stake in shares of Broadcom by 881.4% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 13,809 shares of the semiconductor manufacturer’s stock valued at $2,382,000 after acquiring an additional 12,402 shares during the period. Concord Wealth Partners increased its holdings in Broadcom by 961.0% in the 3rd quarter. Concord Wealth Partners now owns 46,526 shares of the semiconductor manufacturer’s stock worth $8,026,000 after acquiring an additional 42,141 shares in the last quarter. Yeomans Consulting Group Inc. raised its stake in Broadcom by 1,425.8% during the 3rd quarter. Yeomans Consulting Group Inc. now owns 3,021 shares of the semiconductor manufacturer’s stock worth $521,000 after acquiring an additional 2,823 shares during the period. Finally, Investment Partners Asset Management Inc. lifted its holdings in Broadcom by 886.2% during the third quarter. Investment Partners Asset Management Inc. now owns 3,570 shares of the semiconductor manufacturer’s stock valued at $616,000 after purchasing an additional 3,208 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the sale, the insider now owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a report on Monday, September 16th. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. William Blair assumed coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. Finally, Truist Financial upped their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average target price of $191.54.

Broadcom Stock Performance

NASDAQ:AVGO opened at $169.77 on Friday. The firm has a market capitalization of $790.26 billion, a PE ratio of 147.63, a PEG ratio of 2.99 and a beta of 1.17. The stock’s fifty day moving average is $168.89 and its 200 day moving average is $155.80. Broadcom Inc. has a fifty-two week low of $83.26 and a fifty-two week high of $186.42. 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 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, sell-side analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 184.35%.

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.