Western Wealth Management LLC Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Western Wealth Management LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 10,500 shares of the semiconductor manufacturer’s stock after purchasing an additional 207 shares during the quarter. Broadcom makes up 0.8% of Western Wealth Management LLC’s portfolio, making the stock its 20th largest position. Western Wealth Management LLC’s holdings in Broadcom were worth $11,721,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of AVGO. RMR Wealth Builders grew its position in shares of Broadcom by 6.5% during the third quarter. RMR Wealth Builders now owns 6,362 shares of the semiconductor manufacturer’s stock valued at $5,284,000 after purchasing an additional 388 shares in the last quarter. Czech National Bank grew its position in shares of Broadcom by 46.1% during the third quarter. Czech National Bank now owns 72,129 shares of the semiconductor manufacturer’s stock valued at $59,909,000 after purchasing an additional 22,774 shares in the last quarter. Alpha Omega Wealth Management LLC grew its position in shares of Broadcom by 66.6% during the fourth quarter. Alpha Omega Wealth Management LLC now owns 4,261 shares of the semiconductor manufacturer’s stock valued at $4,756,000 after purchasing an additional 1,704 shares in the last quarter. CI Investments Inc. grew its position in shares of Broadcom by 89.4% during the third quarter. CI Investments Inc. now owns 137,520 shares of the semiconductor manufacturer’s stock valued at $114,221,000 after purchasing an additional 64,912 shares in the last quarter. Finally, NatWest Group plc grew its position in shares of Broadcom by 8.2% during the fourth quarter. NatWest Group plc now owns 8,298 shares of the semiconductor manufacturer’s stock valued at $9,263,000 after purchasing an additional 631 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 1.8 %

Shares of Broadcom stock traded down $23.64 on Thursday, hitting $1,258.99. 2,486,763 shares of the company traded hands, compared to its average volume of 2,947,770. The stock’s 50 day moving average price is $1,307.00 and its 200-day moving average price is $1,115.19. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17. The company has a market cap of $583.44 billion, a PE ratio of 46.86, a PEG ratio of 2.71 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating the consensus estimate of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. During the same quarter in the previous year, the firm posted $9.83 earnings per share. The company’s revenue was up 34.2% on a year-over-year basis. Equities research analysts predict that Broadcom Inc. will post 35.88 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is 77.84%.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the completion of the transaction, the chief executive officer now owns 168,096 shares of the company’s stock, valued at $220,583,976. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the transaction, the chief executive officer now directly owns 168,096 shares in the company, valued at $220,583,976. The disclosure for this sale can be found here. Insiders sold 29,920 shares of company stock valued at $40,306,667 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVGO. The Goldman Sachs Group reiterated a “buy” rating and issued a $1,325.00 price target on shares of Broadcom in a research report on Friday, January 19th. Cantor Fitzgerald lifted their price target on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $1,700.00 price target on shares of Broadcom in a research report on Thursday, March 21st. TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $1,500.00 price target on shares of Broadcom in a research report on Monday, April 8th. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.

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.