Prestige Wealth Management Group LLC Boosts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Prestige Wealth Management Group LLC increased its position in Broadcom Inc. (NASDAQ:AVGO) by 1.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,909 shares of the semiconductor manufacturer’s stock after acquiring an additional 117 shares during the period. Prestige Wealth Management Group LLC’s holdings in Broadcom were worth $2,297,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Swedbank AB raised its stake 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 buying an additional 16,453,718 shares during the last quarter. Howard Capital Management Group LLC lifted its holdings in Broadcom by 2,219.8% in the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after acquiring an additional 2,908 shares during the period. Principal Financial Group Inc. boosted its position in Broadcom by 1,019.4% in the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock worth $1,238,966,000 after purchasing an additional 6,540,800 shares during the last quarter. Quest Partners LLC grew its stake in shares of Broadcom by 3,295.8% during the 3rd quarter. Quest Partners LLC now owns 815 shares of the semiconductor manufacturer’s stock valued at $141,000 after purchasing an additional 791 shares during the period. Finally, RW Investment Management LLC increased its position in shares of Broadcom by 854.5% during the 3rd quarter. RW Investment Management LLC now owns 4,171 shares of the semiconductor manufacturer’s stock valued at $719,000 after purchasing an additional 3,734 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVGO. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Deutsche Bank Aktiengesellschaft raised their target price on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Benchmark restated a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Finally, Evercore ISI lifted their price objective on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Price Performance

AVGO stock opened at $191.25 on Tuesday. The company has a fifty day simple moving average of $213.70 and a two-hundred day simple moving average of $195.64. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $899.25 billion, a P/E ratio of 156.00, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Insider Buying and Selling at Broadcom

In other news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 40,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the transaction, the insider now owns 696,730 shares in the company, valued at approximately $161,627,425.40. The trade was a 5.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 92,000 shares of company stock worth $21,494,560 over the last quarter. Insiders own 2.00% of the company’s stock.

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.