Broadcom Inc. (NASDAQ:AVGO) Shares Bought by WESPAC Advisors LLC

WESPAC Advisors LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 947.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,272 shares of the semiconductor manufacturer’s stock after purchasing an additional 5,673 shares during the period. WESPAC Advisors LLC’s holdings in Broadcom were worth $1,082,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. AXA S.A. raised its stake in Broadcom by 2.7% in the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after buying an additional 7,608 shares during the last quarter. Catalyst Financial Partners LLC increased its holdings in shares of Broadcom by 943.3% during the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock valued at $3,473,000 after acquiring an additional 18,206 shares in the last quarter. Whittier Trust Co. raised its position in shares of Broadcom by 947.2% in the 3rd quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock valued at $119,000,000 after purchasing an additional 623,983 shares during the last quarter. Summit Place Financial Advisors LLC boosted its stake in Broadcom by 912.6% in the 3rd quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock worth $1,691,000 after purchasing an additional 8,834 shares in the last quarter. Finally, Signaturefd LLC grew its position in Broadcom by 913.0% during the 3rd quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer’s stock worth $13,624,000 after purchasing an additional 71,181 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $164.82 on Tuesday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm has a fifty day moving average of $173.72 and a 200 day moving average of $160.86. The firm has a market cap of $769.80 billion, a PE ratio of 143.20, a PEG ratio of 1.93 and a beta of 1.17. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42.

Broadcom (NASDAQ:AVGO) last released its quarterly 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 net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. As a group, research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is presently 184.19%.

Analysts Set New Price Targets

A number of research firms have issued reports on AVGO. Benchmark reaffirmed a “buy” rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. William Blair initiated coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Cantor Fitzgerald increased their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Mizuho lifted their target price on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, Truist Financial raised their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $195.96.

Insider Activity at Broadcom

In other news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

About Broadcom

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.