Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Valley Wealth Managers Inc.

Valley Wealth Managers Inc. lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 874.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 252,597 shares of the semiconductor manufacturer’s stock after acquiring an additional 226,674 shares during the quarter. Broadcom makes up about 3.2% of Valley Wealth Managers Inc.’s portfolio, making the stock its 3rd biggest holding. Valley Wealth Managers Inc.’s holdings in Broadcom were worth $43,573,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in AVGO. InterOcean Capital Group LLC raised its holdings in Broadcom by 8.4% in the 1st quarter. InterOcean Capital Group LLC now owns 2,822 shares of the semiconductor manufacturer’s stock valued at $3,740,000 after acquiring an additional 219 shares during the period. Ossiam grew its position in shares of Broadcom by 763.2% in the first quarter. Ossiam now owns 74,430 shares of the semiconductor manufacturer’s stock valued at $98,650,000 after purchasing an additional 65,807 shares during the last quarter. MQS Management LLC bought a new position in shares of Broadcom during the first quarter worth approximately $478,000. Crewe Advisors LLC acquired a new stake in Broadcom during the 1st quarter worth approximately $1,088,000. Finally, Payden & Rygel Investment Group bought a new stake in Broadcom in the 1st quarter valued at $23,208,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on AVGO. Cantor Fitzgerald increased their price objective on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Benchmark restated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Truist Financial lifted their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, Rosenblatt Securities reduced their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given 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 target price of $192.79.

Broadcom Stock Performance

NASDAQ AVGO opened at $165.67 on Tuesday. The firm’s fifty day moving average price is $173.34 and its two-hundred day moving average price is $159.57. The stock has a market cap of $773.77 billion, a PE ratio of 143.94, a PEG ratio of 1.94 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 Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 EPS. On average, equities analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.28%. 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 dividend payout ratio (DPR) is 184.19%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of Broadcom 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 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 3.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 in the last ninety days. Company insiders own 2.00% of the company’s stock.

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.