Adams Wealth Management Buys New Position in Broadcom Inc. $AVGO

Adams Wealth Management bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) during the second quarter, Holdings Channel reports. The institutional investor bought 1,740 shares of the semiconductor manufacturer’s stock, valued at approximately $480,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Assetmark Inc. grew its position in shares of Broadcom by 2.4% in the 2nd quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after acquiring an additional 39,466 shares in the last quarter. Capital Counsel LLC NY acquired a new stake in shares of Broadcom during the 2nd quarter valued at approximately $221,000. Waterloo Capital L.P. lifted its stake in Broadcom by 7.0% during the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after purchasing an additional 3,180 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in Broadcom by 27.9% in the first quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock worth $10,737,000 after purchasing an additional 13,978 shares during the period. Finally, RiverFront Investment Group LLC boosted its holdings in Broadcom by 107.6% in the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after purchasing an additional 8,566 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 5.6%

NASDAQ AVGO opened at $339.81 on Tuesday. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61. The firm has a market capitalization of $1.60 trillion, a price-to-earnings ratio of 71.39, a PEG ratio of 1.22 and a beta of 1.19. The company has a fifty day moving average of $363.26 and a two-hundred day moving average of $319.19.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The firm had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. During the same period last year, the firm earned $1.42 earnings per share. The company’s quarterly revenue was up 28.2% on a year-over-year basis. On average, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date is Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio (DPR) is presently 49.58%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Mizuho increased their target price on shares of Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday. The Goldman Sachs Group set a $435.00 price objective on shares of Broadcom and gave the company a “buy” rating in a research report on Tuesday, November 25th. Sanford C. Bernstein reiterated an “outperform” rating and set a $475.00 price objective (up previously from $400.00) on shares of Broadcom in a research note on Friday. Cowen restated a “buy” rating on shares of Broadcom in a research note on Friday. Finally, Argus upped their target price on Broadcom from $285.00 to $375.00 and gave the company a “buy” rating in a report on Monday, September 8th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $435.96.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 100,000 shares of the business’s stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the completion of the transaction, the chief executive officer directly owned 725,638 shares in the company, valued at $246,412,152.04. The trade was a 12.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kirsten M. Spears sold 7,498 shares of the firm’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.66, for a total value of $2,606,754.68. Following the sale, the chief financial officer directly owned 313,330 shares in the company, valued at approximately $108,932,307.80. This trade represents a 2.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 818,662 shares of company stock worth $297,135,938. Company 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.