Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Morton Brown Family Wealth LLC

Morton Brown Family Wealth LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 16.2% during the third quarter, Holdings Channel.com reports. The firm owned 7,352 shares of the semiconductor manufacturer’s stock after selling 1,418 shares during the quarter. Broadcom accounts for about 0.5% of Morton Brown Family Wealth LLC’s portfolio, making the stock its 25th largest position. Morton Brown Family Wealth LLC’s holdings in Broadcom were worth $1,268,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Lion Street Advisors LLC raised its position in Broadcom by 1.9% in the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock valued at $520,000 after purchasing an additional 6 shares in the last quarter. Ascent Wealth Partners LLC raised its position in shares of Broadcom by 0.3% during the 1st quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock worth $3,929,000 after acquiring an additional 8 shares in the last quarter. O Dell Group LLC raised its position in shares of Broadcom by 2.3% during the 1st quarter. O Dell Group LLC now owns 356 shares of the semiconductor manufacturer’s stock worth $472,000 after acquiring an additional 8 shares in the last quarter. Hudson Value Partners LLC raised its position in shares of Broadcom by 2.7% during the 1st quarter. Hudson Value Partners LLC now owns 308 shares of the semiconductor manufacturer’s stock worth $408,000 after acquiring an additional 8 shares in the last quarter. Finally, Renasant Bank raised its position in shares of Broadcom by 1.0% during the 1st quarter. Renasant Bank now owns 785 shares of the semiconductor manufacturer’s stock worth $1,040,000 after acquiring an additional 8 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction 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 completion of 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVGO. Truist Financial raised their target price on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. raised their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Morgan Stanley raised their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Benchmark restated a “buy” rating and set a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Finally, StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $191.54.

Broadcom Stock Down 3.9 %

Broadcom stock opened at $169.77 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 1-year low of $83.26 and a 1-year high of $186.42. The company has a market cap of $790.26 billion, a PE ratio of 147.63, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The stock’s 50 day moving average price is $168.89 and its 200 day moving average price is $155.80.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the business earned $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, sell-side analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.25%. Broadcom’s payout ratio is currently 184.35%.

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.