Broadcom (NASDAQ:AVGO) Shares Unloaded Rep. Josh Gottheimer

Posted by Eileen French on Nov 8th, 2024

Representative Josh Gottheimer (D-New Jersey) recently sold shares of Broadcom Inc. (NASDAQ:AVGO). In a filing disclosed on November 06th, the Representative disclosed that they had sold between $1,001 and $15,000 in Broadcom stock on October 3rd. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.

Representative Josh Gottheimer also recently made the following trade(s):

Purchased $1,001 – $15,000 in shares of Texas Capital Bancshares (NASDAQ:TCBI) on 10/31/2024.
Sold $1,001 – $15,000 in shares of ITT (NYSE:ITT) on 10/31/2024.
Sold $1,001 – $15,000 in shares of Stifel Financial (NYSE:SF) on 10/31/2024.
Sold $1,001 – $15,000 in shares of ICU Medical (NASDAQ:ICUI) on 10/31/2024.
Sold $1,001 – $15,000 in shares of AppFolio (NASDAQ:APPF) on 10/31/2024.
Purchased $1,001 – $15,000 in shares of Gates Industrial (NYSE:GTES) on 10/31/2024.
Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/29/2024.
Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/28/2024.
Purchased $1,001 – $15,000 in shares of Disco (OTCMKTS:DSCSY) on 10/28/2024.
Purchased $1,001 – $15,000 in shares of Enerpac Tool Group (NYSE:EPAC) on 10/25/2024.

Broadcom Trading Up 2.4 %

Shares of Broadcom stock opened at $183.81 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The business has a fifty day simple moving average of $169.80 and a two-hundred day simple moving average of $156.94. Broadcom Inc. has a 1 year low of $89.90 and a 1 year high of $186.42. The company has a market capitalization of $858.50 billion, a price-to-earnings ratio of 159.70, a P/E/G ratio of 1.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period last year, the firm posted $0.95 EPS. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. Research analysts forecast 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. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.15%. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is currently 184.19%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent research reports. Morgan Stanley raised their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Mizuho raised their price target on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. 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 report on Tuesday, July 16th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Cantor Fitzgerald boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Read Our Latest Analysis on Broadcom

Institutional Trading of Broadcom

Large investors have recently bought and sold shares of the business. Richardson Financial Services Inc. boosted its stake in Broadcom by 141.7% during the first quarter. Richardson Financial Services Inc. now owns 145 shares of the semiconductor manufacturer’s stock worth $192,000 after acquiring an additional 85 shares in the last quarter. SPC Financial Inc. grew its stake in shares of Broadcom by 3.8% in the 1st quarter. SPC Financial Inc. now owns 731 shares of the semiconductor manufacturer’s stock valued at $969,000 after buying an additional 27 shares during the period. Howland Capital Management LLC grew its stake in shares of Broadcom by 2.3% in the 1st quarter. Howland Capital Management LLC now owns 487 shares of the semiconductor manufacturer’s stock valued at $645,000 after buying an additional 11 shares during the period. Texas Permanent School Fund Corp raised its stake in Broadcom by 0.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 90,963 shares of the semiconductor manufacturer’s stock worth $120,563,000 after buying an additional 335 shares during the period. Finally, Mitchell Capital Management Co. boosted its holdings in Broadcom by 12.7% in the first quarter. Mitchell Capital Management Co. now owns 9,344 shares of the semiconductor manufacturer’s stock worth $12,384,000 after acquiring an additional 1,056 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

About Representative Gottheimer

Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2025. Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2024 election. Gottheimer was first elected to the House in 2016. Prior to his election, Gottheimer worked for Microsoft, the Federal Communications Commission, and for the administration of President Bill Clinton (D). Click here for more information about Gottheimer’s career. Gottheimer serves on the House Financial Services Committee, where is a member of three subcommittees. For more on Gottheimer’s committee assignments, click here. Gottheimer became a co-chair of the Problem Solvers Caucus in February 2017. Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

About Broadcom

(Get Free Report)

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.