Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Meridian Wealth Management LLC

Meridian Wealth Management LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 866.1% during the third quarter, Holdings Channel.com reports. The firm owned 65,335 shares of the semiconductor manufacturer’s stock after purchasing an additional 58,572 shares during the quarter. Meridian Wealth Management LLC’s holdings in Broadcom were worth $11,270,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Castleview Partners LLC lifted its stake in shares of Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 134 shares in the last quarter. Tsfg LLC lifted its holdings in Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after buying an additional 204 shares in the last quarter. Cedar Wealth Management LLC boosted its holdings in Broadcom by 900.0% in the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock valued at $41,000 after purchasing an additional 216 shares during the last quarter. Krane Funds Advisors LLC acquired a new stake in shares of Broadcom during the third quarter worth approximately $42,000. Finally, Highline Wealth Partners LLC acquired a new position in Broadcom in the third quarter worth about $45,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In related news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. This trade represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by company insiders.

Broadcom Price Performance

Shares of AVGO opened at $164.23 on Monday. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The firm has a market cap of $767.05 billion, a PE ratio of 142.81, a P/E/G ratio of 1.93 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a fifty day simple moving average of $173.70 and a two-hundred day simple moving average of $160.62.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.95 earnings per share. On average, equities analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is currently 184.35%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AVGO shares. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Cantor Fitzgerald lifted their target price on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Morgan Stanley upped their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. William Blair initiated coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Finally, Truist Financial increased their price objective on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $195.96.

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.