McGlone Suttner Wealth Management Inc. Buys 6,912 Shares of Broadcom Inc. (NASDAQ:AVGO)

McGlone Suttner Wealth Management Inc. increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,109.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,535 shares of the semiconductor manufacturer’s stock after acquiring an additional 6,912 shares during the period. McGlone Suttner Wealth Management Inc.’s holdings in Broadcom were worth $1,300,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Koshinski Asset Management Inc. raised its holdings in Broadcom by 773.2% during the third quarter. Koshinski Asset Management Inc. now owns 59,944 shares of the semiconductor manufacturer’s stock worth $10,340,000 after acquiring an additional 53,079 shares in the last quarter. Factory Mutual Insurance Co. raised its holdings in Broadcom by 985.7% during the third quarter. Factory Mutual Insurance Co. now owns 1,037,145 shares of the semiconductor manufacturer’s stock worth $178,908,000 after acquiring an additional 941,615 shares in the last quarter. Crestmont Private Wealth LLC raised its holdings in Broadcom by 911.1% during the third quarter. Crestmont Private Wealth LLC now owns 2,639 shares of the semiconductor manufacturer’s stock worth $455,000 after acquiring an additional 2,378 shares in the last quarter. Shira Ridge Wealth Management increased its position in Broadcom by 915.3% during the third quarter. Shira Ridge Wealth Management now owns 1,726 shares of the semiconductor manufacturer’s stock worth $298,000 after buying an additional 1,556 shares during the last quarter. Finally, Birch Hill Investment Advisors LLC increased its position in Broadcom by 847.3% during the third quarter. Birch Hill Investment Advisors LLC now owns 30,170 shares of the semiconductor manufacturer’s stock worth $5,204,000 after buying an additional 26,985 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 2.3 %

NASDAQ AVGO opened at $181.48 on Monday. The business has a fifty day moving average price of $162.91 and a two-hundred day moving average price of $151.64. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a fifty-two week low of $81.83 and a fifty-two week high of $186.42. The stock has a market capitalization of $844.77 billion, a PE ratio of 7.81, a PEG ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its 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 firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the prior year, the company earned $0.95 earnings per share. The company’s quarterly revenue was up 47.3% on a year-over-year basis. Equities analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.17%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 9.12%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent analyst reports. Truist Financial boosted their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. boosted their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. UBS Group lowered their price target on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Finally, Cantor Fitzgerald boosted their price target on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $190.29.

Insider Activity

In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 295,130 shares of company stock worth $50,646,622. Insiders own 2.00% of the company’s stock.

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.