Avitas Wealth Management LLC Acquires 55,385 Shares of Broadcom Inc. (NASDAQ:AVGO)

Avitas Wealth Management LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 940.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 61,277 shares of the semiconductor manufacturer’s stock after purchasing an additional 55,385 shares during the period. Broadcom makes up approximately 1.5% of Avitas Wealth Management LLC’s portfolio, making the stock its 13th biggest holding. Avitas Wealth Management LLC’s holdings in Broadcom were worth $10,570,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of AVGO. China Universal Asset Management Co. Ltd. lifted its stake in Broadcom by 56.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 10,823 shares of the semiconductor manufacturer’s stock worth $14,345,000 after purchasing an additional 3,898 shares during the last quarter. Hardy Reed LLC purchased a new position in shares of Broadcom during the 1st quarter valued at about $232,000. Regent Peak Wealth Advisors LLC lifted its position in Broadcom by 1.0% in the 1st quarter. Regent Peak Wealth Advisors LLC now owns 1,256 shares of the semiconductor manufacturer’s stock worth $1,665,000 after buying an additional 12 shares during the last quarter. Pullen Investment Management LLC purchased a new stake in Broadcom in the first quarter worth approximately $411,000. Finally, Valley Brook Capital Group Inc. grew its position in Broadcom by 5.5% during the first quarter. Valley Brook Capital Group Inc. now owns 1,725 shares of the semiconductor manufacturer’s stock valued at $2,286,000 after acquiring an additional 90 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on AVGO shares. Oppenheimer cut their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. TD Cowen raised Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Mizuho boosted their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. raised their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Morgan Stanley boosted their price objective on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Two investment 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $191.54.

Insider Activity at Broadcom

In other news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO opened at $168.92 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a market cap of $788.95 billion, a price-to-earnings ratio of 146.76, a price-to-earnings-growth ratio of 2.84 and a beta of 1.17. The stock has a fifty day simple moving average of $168.94 and a two-hundred day simple moving average of $156.03. Broadcom Inc. has a 12-month low of $86.00 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $12.98 billion. During the same period last year, the company posted $0.95 EPS. Broadcom’s revenue was up 47.3% on a year-over-year basis. Research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.26%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is presently 184.19%.

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.