Proquility Private Wealth Partners LLC Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Proquility Private Wealth Partners LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 884.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,085 shares of the semiconductor manufacturer’s stock after acquiring an additional 19,842 shares during the period. Broadcom makes up about 1.2% of Proquility Private Wealth Partners LLC’s holdings, making the stock its 26th biggest position. Proquility Private Wealth Partners LLC’s holdings in Broadcom were worth $3,810,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of AVGO. Safeguard Financial LLC increased its holdings in shares of Broadcom by 1,213.5% in the third quarter. Safeguard Financial LLC now owns 2,916 shares of the semiconductor manufacturer’s stock worth $503,000 after purchasing an additional 2,694 shares during the period. Tsfg LLC grew its position in Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after buying an additional 204 shares in the last quarter. Tanglewood Legacy Advisors LLC increased its stake in Broadcom by 900.0% in the 3rd quarter. Tanglewood Legacy Advisors LLC now owns 900 shares of the semiconductor manufacturer’s stock worth $155,000 after acquiring an additional 810 shares during the last quarter. Roberts Wealth Advisors LLC raised its holdings in shares of Broadcom by 796.3% in the 3rd quarter. Roberts Wealth Advisors LLC now owns 2,420 shares of the semiconductor manufacturer’s stock valued at $437,000 after acquiring an additional 2,150 shares in the last quarter. Finally, MN Wealth Advisors LLC boosted its position in shares of Broadcom by 903.0% during the 3rd quarter. MN Wealth Advisors LLC now owns 6,048 shares of the semiconductor manufacturer’s stock valued at $1,043,000 after acquiring an additional 5,445 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Up 0.5 %

Shares of AVGO opened at $176.82 on Thursday. The stock has a market capitalization of $823.08 billion, a P/E ratio of 7.61, a PEG ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a twelve month low of $81.83 and a twelve month high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a fifty day simple moving average of $165.17 and a two-hundred day simple moving average of $152.58.

Broadcom (NASDAQ:AVGO) last posted its earnings results 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. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period in the prior year, the business posted $0.95 earnings per share. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid 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 dividend yield of 1.20%. Broadcom’s payout ratio is 9.12%.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s 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 in the company, valued at $133,781,155.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 over the last quarter. 2.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. UBS Group decreased their price objective on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Mizuho raised their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday. Truist Financial upped their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Benchmark reaffirmed a “buy” rating and set a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Finally, TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $191.54.

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.