Hidden Cove Wealth Management LLC Buys New Stake in Broadcom Inc. (NASDAQ:AVGO)

Hidden Cove Wealth Management LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, Holdings Channel reports. The fund bought 2,772 shares of the semiconductor manufacturer’s stock, valued at approximately $643,000. Broadcom comprises 0.5% of Hidden Cove Wealth Management LLC’s holdings, making the stock its 24th largest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AMF Tjanstepension AB boosted its stake in Broadcom by 856.9% during the 3rd quarter. AMF Tjanstepension AB now owns 1,014,616 shares of the semiconductor manufacturer’s stock valued at $175,101,000 after purchasing an additional 908,585 shares during the period. Alpha Financial Partners LLC acquired a new position in shares of Broadcom during the third quarter worth approximately $404,000. Wealth Group Ltd. boosted its position in shares of Broadcom by 900.0% in the third quarter. Wealth Group Ltd. now owns 1,760 shares of the semiconductor manufacturer’s stock valued at $304,000 after acquiring an additional 1,584 shares during the period. Creative Planning grew its stake in shares of Broadcom by 905.4% in the third quarter. Creative Planning now owns 779,322 shares of the semiconductor manufacturer’s stock worth $133,407,000 after acquiring an additional 701,806 shares during the last quarter. Finally, Swedbank AB increased its position in Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after acquiring an additional 16,453,718 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity

In related news, insider Mark David Brazeal sold 20,168 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total value of $4,815,916.72. Following the transaction, the insider now owns 321,660 shares in the company, valued at $76,809,191.40. This trade represents a 5.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the sale, the director now owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock valued at $44,964,800 over the last three months. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

AVGO has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $240.00 target price on shares of Broadcom in a research note on Wednesday, December 11th. Morgan Stanley lowered their price target on Broadcom from $265.00 to $246.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Truist Financial raised their price objective on Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Citigroup boosted their price objective on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $225.04.

Broadcom Trading Down 1.2 %

AVGO stock opened at $233.04 on Friday. The business has a fifty day moving average price of $226.16 and a 200 day moving average price of $187.02. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The stock has a market capitalization of $1.09 trillion, a price-to-earnings ratio of 190.08, a P/E/G ratio of 2.42 and a beta of 1.02.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same period last year, the company posted $0.98 earnings per share. Analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.01%. Broadcom’s payout ratio is currently 192.50%.

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.