Assetmark Inc. Buys 47,345 Shares of Broadcom Inc. (NASDAQ:AVGO)

Assetmark Inc. grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,687,093 shares of the semiconductor manufacturer’s stock after purchasing an additional 47,345 shares during the quarter. Broadcom comprises approximately 1.1% of Assetmark Inc.’s investment portfolio, making the stock its 21st largest position. Assetmark Inc.’s holdings in Broadcom were worth $391,136,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. J.Safra Asset Management Corp increased its holdings in Broadcom by 77.1% in the fourth quarter. J.Safra Asset Management Corp now owns 8,111 shares of the semiconductor manufacturer’s stock worth $1,911,000 after purchasing an additional 3,530 shares in the last quarter. Abbot Financial Management Inc. acquired a new position in shares of Broadcom during the 4th quarter valued at $641,000. Snider Financial Group bought a new position in Broadcom during the fourth quarter worth $2,436,000. Triad Wealth Partners LLC bought a new stake in Broadcom in the fourth quarter valued at $2,253,000. Finally, Laffer Tengler Investments Inc. increased its stake in Broadcom by 3.7% in the fourth quarter. Laffer Tengler Investments Inc. now owns 108,660 shares of the semiconductor manufacturer’s stock valued at $25,192,000 after purchasing an additional 3,830 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on AVGO. Piper Sandler raised their target price on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Susquehanna boosted their price objective on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report on Friday, December 13th. Mizuho upped their target price on Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Morgan Stanley reduced their price target on shares of Broadcom from $265.00 to $246.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $225.04.

Insiders Place Their Bets

In related news, Director Check Kian Low sold 48,000 shares of Broadcom stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the transaction, the director now directly owns 113,050 shares in the company, valued at approximately $26,606,317.50. The trade was a 29.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now directly owns 46,400 shares in the company, valued at $10,655,296. The trade was a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock valued at $44,964,800 over the last ninety days. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $187.48 on Wednesday. The company has a market capitalization of $878.79 billion, a P/E ratio of 152.92, a price-to-earnings-growth ratio of 2.29 and a beta of 1.02. The company’s 50-day moving average is $225.50 and its 200 day moving average is $192.65. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. During the same period in the previous year, the company earned $0.98 earnings per share. The company’s quarterly revenue was up 51.2% on a year-over-year basis. On average, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.26%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio is 191.87%.

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.