WFA Asset Management Corp Purchases 1,908 Shares of Broadcom Inc. $AVGO

WFA Asset Management Corp boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 900.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,120 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,908 shares during the period. Broadcom accounts for about 0.4% of WFA Asset Management Corp’s portfolio, making the stock its 22nd biggest holding. WFA Asset Management Corp’s holdings in Broadcom were worth $699,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. JCIC Asset Management Inc. bought a new stake in Broadcom during the 3rd quarter worth approximately $31,000. Longfellow Investment Management Co. LLC acquired a new stake in shares of Broadcom in the second quarter valued at about $27,000. Teachers Insurance & Annuity Association of America bought a new position in shares of Broadcom during the second quarter worth about $28,000. Manning & Napier Advisors LLC bought a new position in shares of Broadcom during the third quarter worth about $34,000. Finally, LGT Financial Advisors LLC acquired a new position in shares of Broadcom in the second quarter worth approximately $31,000. 76.43% of the stock is currently owned by institutional investors.

Insider Activity at Broadcom

In related news, CFO Kirsten M. Spears sold 30,000 shares of the stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the completion of the transaction, the chief financial officer owned 277,237 shares in the company, valued at approximately $96,428,573.34. This represents a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 38,281 shares of Broadcom stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.65, for a total transaction of $12,542,769.65. Following the completion of the sale, the insider directly owned 266,494 shares in the company, valued at approximately $87,316,759.10. This represents a 12.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 779,901 shares of company stock valued at $284,069,237 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 0.1%

NASDAQ:AVGO opened at $333.24 on Thursday. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61. The firm has a 50-day moving average price of $356.26 and a two-hundred day moving average price of $336.89. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. The firm has a market cap of $1.58 trillion, a price-to-earnings ratio of 70.01, a price-to-earnings-growth ratio of 1.10 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company’s revenue was up 28.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.42 EPS. On average, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio (DPR) is presently 54.62%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. KeyCorp restated an “overweight” rating and set a $500.00 price target (up previously from $460.00) on shares of Broadcom in a report on Friday, December 12th. Truist Financial increased their price objective on shares of Broadcom from $500.00 to $510.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Mizuho set a $480.00 target price on shares of Broadcom and gave the stock an “outperform” rating in a research note on Friday, January 9th. Morgan Stanley upped their price target on shares of Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a research report on Friday, December 12th. Finally, Piper Sandler reiterated an “overweight” rating and set a $430.00 price target (up from $375.00) on shares of Broadcom in a report on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $438.61.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.