BLVD Private Wealth LLC Buys Shares of 2,394 Broadcom Inc. $AVGO

BLVD Private Wealth LLC purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the 2nd quarter, Holdings Channel reports. The fund purchased 2,394 shares of the semiconductor manufacturer’s stock, valued at approximately $660,000.

Other large investors have also modified their holdings of the company. Redwood Financial Network Corp increased its stake in shares of Broadcom by 1.7% in the second quarter. Redwood Financial Network Corp now owns 1,939 shares of the semiconductor manufacturer’s stock valued at $535,000 after purchasing an additional 33 shares during the period. Sawyer & Company Inc grew its holdings in Broadcom by 62.1% in the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 36 shares in the last quarter. PFS Partners LLC increased its position in Broadcom by 38.4% in the 2nd quarter. PFS Partners LLC now owns 137 shares of the semiconductor manufacturer’s stock valued at $38,000 after acquiring an additional 38 shares during the period. Costello Asset Management INC raised its stake in Broadcom by 1.5% during the 2nd quarter. Costello Asset Management INC now owns 2,528 shares of the semiconductor manufacturer’s stock valued at $697,000 after acquiring an additional 38 shares in the last quarter. Finally, Walkner Condon Financial Advisors LLC boosted its position in Broadcom by 1.0% during the 2nd quarter. Walkner Condon Financial Advisors LLC now owns 3,944 shares of the semiconductor manufacturer’s stock worth $1,087,000 after acquiring an additional 38 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 16,558 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total value of $5,755,726.38. Following the completion of the sale, the insider owned 329,302 shares in the company, valued at $114,468,668.22. This represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Friday, November 14th. The shares were sold at an average price of $331.14, for a total value of $264,912.00. Following the transaction, the director owned 21,382 shares in the company, valued at $7,080,435.48. This represents a 3.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 836,633 shares of company stock worth $303,612,352 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. raised their price target on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a report on Friday. UBS Group reissued a “buy” rating and set a $472.00 target price (up previously from $415.00) on shares of Broadcom in a research note on Monday, December 1st. Mizuho boosted their price target on shares of Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a research report on Friday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Broadcom in a report on Monday, December 8th. Finally, Oppenheimer raised their price objective on shares of Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Broadcom has an average rating of “Buy” and a consensus price target of $435.85.

Broadcom Stock Down 11.4%

Shares of Broadcom stock opened at $359.93 on Monday. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $414.61. The firm has a market capitalization of $1.70 trillion, a PE ratio of 75.62, a price-to-earnings-growth ratio of 1.22 and a beta of 1.19. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The stock’s fifty day moving average is $363.17 and its 200-day moving average is $318.50.

Broadcom (NASDAQ:AVGO) last issued its quarterly 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 analysts’ expectations of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.Broadcom’s revenue was up 28.2% on a year-over-year basis. During the same quarter last year, the business posted $1.42 EPS. Equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be issued a dividend of $0.65 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Monday, December 22nd. Broadcom’s dividend payout ratio (DPR) is presently 49.58%.

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.