WealthPlan Investment Management LLC Makes New $2.81 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

WealthPlan Investment Management LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 16,290 shares of the semiconductor manufacturer’s stock, valued at approximately $2,810,000.

Other hedge funds have also made changes to their positions in the company. Lion Street Advisors LLC lifted its position in shares of Broadcom by 1.9% during the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after purchasing an additional 6 shares in the last quarter. Optimum Investment Advisors increased its stake in shares of Broadcom by 0.6% in the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock valued at $2,262,000 after buying an additional 8 shares during the period. Anderson Hoagland & Co. raised its position in shares of Broadcom by 0.3% during the second quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer’s stock worth $4,623,000 after acquiring an additional 9 shares during the last quarter. Wealth Group Ltd raised its position in shares of Broadcom by 6.0% during the second quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock worth $283,000 after acquiring an additional 10 shares during the last quarter. Finally, Canandaigua National Bank & Trust Co. lifted its stake in shares of Broadcom by 1.4% during the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer’s stock valued at $1,161,000 after acquiring an additional 10 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Truist Financial boosted their price objective on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. The Goldman Sachs Group increased their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Rosenblatt Securities reduced their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. William Blair assumed coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Finally, Morgan Stanley raised 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. Two 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.com, the company currently has an average rating of “Moderate Buy” and an average target price of $192.79.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $164.84 on Friday. The company has a fifty day moving average price of $172.29 and a 200 day moving average price of $159.14. The firm has a market cap of $769.90 billion, a PE ratio of 143.34, a PEG ratio of 2.04 and a beta of 1.17. 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 1-year low of $90.31 and a 1-year high of $186.42.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the company earned $0.95 earnings per share. Research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. 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 currently 184.35%.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 50,000 shares of the company’s 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 sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by insiders.

Broadcom 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.