Beta Wealth Group Inc. Buys Shares of 206 Broadcom Inc. (NASDAQ:AVGO)

Beta Wealth Group Inc. bought a new stake in Broadcom Inc. (NASDAQ:AVGOFree Report) during the 4th quarter, Holdings Channel.com reports. The fund bought 206 shares of the semiconductor manufacturer’s stock, valued at approximately $230,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. Norges Bank purchased a new position in Broadcom in the fourth quarter valued at about $6,225,987,000. International Assets Investment Management LLC grew its stake in Broadcom by 113,495.7% in the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock valued at $37,140,060,000 after purchasing an additional 3,324,288 shares during the last quarter. Wellington Management Group LLP grew its stake in Broadcom by 43.9% in the third quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock valued at $3,343,631,000 after purchasing an additional 1,228,755 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new position in Broadcom in the third quarter valued at about $560,563,000. Finally, FMR LLC grew its stake in Broadcom by 16.7% in the third quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock valued at $3,338,203,000 after purchasing an additional 573,826 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO traded up $14.55 during trading hours on Friday, reaching $1,407.84. The company had a trading volume of 1,672,996 shares, compared to its average volume of 2,139,019. Broadcom Inc. has a 1-year low of $690.77 and a 1-year high of $1,445.40. The firm has a market cap of $652.42 billion, a PE ratio of 52.18, a price-to-earnings-growth ratio of 2.81 and a beta of 1.25. The business’s 50 day moving average price is $1,324.64 and its 200-day moving average price is $1,204.89. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24.

Broadcom (NASDAQ:AVGOGet Free Report) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. During the same period in the previous year, the company posted $9.83 earnings per share. Broadcom’s revenue for the quarter was up 34.2% on a year-over-year basis. Research analysts forecast that Broadcom Inc. will post 36.06 EPS for the current year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were issued a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date was Wednesday, March 20th. Broadcom’s payout ratio is presently 77.84%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AVGO. Cantor Fitzgerald boosted their price target on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research note on Monday, March 4th. JPMorgan Chase & Co. restated an “overweight” rating and set a $1,700.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Susquehanna boosted their price target on Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research note on Wednesday, February 28th. Evercore ISI began coverage on Broadcom in a research note on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 price target on the stock. Finally, UBS Group boosted their price target on Broadcom to $1,480.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Three equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,296.91.

Get Our Latest Analysis on Broadcom

Insider Buying and Selling at Broadcom

In other news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Justine Page sold 110 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the transaction, the director now directly owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is owned by company insiders.

About Broadcom

(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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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