Broadcom Inc. (NASDAQ:AVGO) is Purus Wealth Management LLC’s 7th Largest Position

Purus Wealth Management LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,181 shares of the semiconductor manufacturer’s stock after acquiring an additional 329 shares during the quarter. Broadcom accounts for 3.0% of Purus Wealth Management LLC’s portfolio, making the stock its 7th biggest holding. Purus Wealth Management LLC’s holdings in Broadcom were worth $6,714,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Lingotto Investment Management LLP boosted its holdings in Broadcom by 38.9% during the 2nd quarter. Lingotto Investment Management LLP now owns 5,000 shares of the semiconductor manufacturer’s stock valued at $8,028,000 after acquiring an additional 1,400 shares during the period. Systematic Alpha Investments LLC boosted its holdings in Broadcom by 899.9% during the 2nd quarter. Systematic Alpha Investments LLC now owns 73,551 shares of the semiconductor manufacturer’s stock valued at $118,088,000 after acquiring an additional 66,195 shares during the period. E Fund Management Co. Ltd. raised its position in Broadcom by 18.8% during the 2nd quarter. E Fund Management Co. Ltd. now owns 11,981 shares of the semiconductor manufacturer’s stock valued at $19,236,000 after purchasing an additional 1,894 shares in the last quarter. Financial & Tax Architects LLC raised its position in Broadcom by 20.1% during the 2nd quarter. Financial & Tax Architects LLC now owns 925 shares of the semiconductor manufacturer’s stock valued at $1,486,000 after purchasing an additional 155 shares in the last quarter. Finally, Perennial Investment Advisors LLC raised its position in Broadcom by 24.9% during the 2nd quarter. Perennial Investment Advisors LLC now owns 1,710 shares of the semiconductor manufacturer’s stock valued at $2,745,000 after purchasing an additional 341 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AVGO. Morgan Stanley lifted their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. UBS Group decreased their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Truist Financial lifted their target price on Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a research report on Thursday, June 13th. Jefferies Financial Group lifted their target price on Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Finally, Benchmark reaffirmed a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Insider Activity

In other news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the sale, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Down 0.9 %

Broadcom stock opened at $162.47 on Wednesday. The stock has a 50-day moving average of $157.17 and a two-hundred day moving average of $146.21. 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 one year low of $79.51 and a one year high of $185.16. The stock has a market cap of $756.28 billion, a PE ratio of 6.99, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data 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. 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%. The company’s revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 earnings per share. On average, research analysts anticipate that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.30%. Broadcom’s dividend payout ratio is currently 9.12%.

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.