Gradient Investments LLC Purchases 8,954 Shares of Broadcom Inc. (NASDAQ:AVGO)

Gradient Investments LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 5.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 168,911 shares of the semiconductor manufacturer’s stock after acquiring an additional 8,954 shares during the quarter. Gradient Investments LLC’s holdings in Broadcom were worth $39,160,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wolff Financial Management LLC bought a new stake in Broadcom in the fourth quarter valued at about $244,000. Exchange Traded Concepts LLC grew its stake in shares of Broadcom by 15.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 35,237 shares of the semiconductor manufacturer’s stock valued at $8,169,000 after purchasing an additional 4,793 shares during the period. Zweig DiMenna Associates LLC raised its holdings in shares of Broadcom by 3.2% in the 4th quarter. Zweig DiMenna Associates LLC now owns 305,381 shares of the semiconductor manufacturer’s stock worth $70,800,000 after buying an additional 9,500 shares in the last quarter. Berbice Capital Management LLC acquired a new stake in Broadcom in the 4th quarter valued at $7,233,000. Finally, Encompass More Asset Management lifted its holdings in shares of Broadcom by 36.8% during the fourth quarter. Encompass More Asset Management now owns 4,381 shares of the semiconductor manufacturer’s stock valued at $1,016,000 after acquiring an additional 1,179 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AVGO. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Mizuho lifted their target price on shares of Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Truist Financial increased their target price on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Benchmark restated a “buy” rating and issued a $255.00 price objective (up previously from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Finally, Morgan Stanley lifted their target price on Broadcom from $233.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $225.83.

Insiders Place Their Bets

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the transaction, the director now owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the sale, the chief executive officer now directly owns 842,836 shares in the company, valued at $202,246,926.56. This trade represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock worth $44,964,800 over the last three months. Insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $244.70 on Monday. 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 $117.43 and a fifty-two week high of $251.88. The company has a market cap of $1.15 trillion, a price-to-earnings ratio of 199.59, a PEG ratio of 2.52 and a beta of 1.03. The stock has a fifty day moving average price of $208.80 and a 200-day moving average price of $180.62.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.98 earnings per share. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal 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 given a dividend of $0.59 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s payout ratio is currently 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.