WealthPlan Investment Management LLC Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

WealthPlan Investment Management LLC purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 514 shares of the semiconductor manufacturer’s stock, valued at approximately $266,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. First Personal Financial Services boosted its holdings in shares of Broadcom by 126.7% during the 3rd quarter. First Personal Financial Services now owns 68 shares of the semiconductor manufacturer’s stock worth $30,000 after buying an additional 38 shares in the last quarter. Coston McIsaac & Partners acquired a new position in shares of Broadcom during the second quarter worth approximately $32,000. Ritter Daniher Financial Advisory LLC DE raised its position in shares of Broadcom by 138.7% during the third quarter. Ritter Daniher Financial Advisory LLC DE now owns 74 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 43 shares during the period. Colonial Trust Advisors acquired a new position in shares of Broadcom during the third quarter worth approximately $36,000. Finally, Annapolis Financial Services LLC raised its position in shares of Broadcom by 75.5% during the third quarter. Annapolis Financial Services LLC now owns 86 shares of the semiconductor manufacturer’s stock worth $38,000 after purchasing an additional 37 shares during the period. 81.28% of the stock is currently owned by institutional investors.

Broadcom Stock Down 0.9 %

Shares of NASDAQ:AVGO opened at $630.97 on Friday. The company has a market capitalization of $263.06 billion, a PE ratio of 21.24, a price-to-earnings-growth ratio of 1.26 and a beta of 1.10. The company has a debt-to-equity ratio of 1.64, a current ratio of 2.52 and a quick ratio of 2.26. The business has a fifty day moving average price of $597.58 and a two-hundred day moving average price of $535.85. Broadcom Inc. has a 1 year low of $415.07 and a 1 year high of $645.31.

Broadcom (NASDAQ:AVGO – Get Rating) last announced its quarterly earnings data on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.38 by $0.95. The firm had revenue of $8.92 billion during the quarter, compared to the consensus estimate of $8.90 billion. Broadcom had a return on equity of 73.52% and a net margin of 37.19%. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $7.68 EPS. Analysts forecast that Broadcom Inc. will post 38.06 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 22nd will be paid a dividend of $4.60 per share. The ex-dividend date of this dividend is Tuesday, March 21st. This represents a $18.40 annualized dividend and a dividend yield of 2.92%. Broadcom’s payout ratio is 61.93%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Evercore ISI upped their target price on Broadcom to $650.00 in a research report on Monday, December 12th. UBS Group lowered their target price on Broadcom from $690.00 to $675.00 in a research report on Friday, December 9th. Oppenheimer reaffirmed an “outperform” rating and set a $720.00 target price on shares of Broadcom in a research report on Monday, December 5th. Mizuho reissued a “buy” rating and issued a $720.00 price target on shares of Broadcom in a research report on Friday. Finally, Raymond James reissued a “market perform” rating on shares of Broadcom in a research report on Thursday, March 2nd. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $674.17.

Insider Transactions at Broadcom

In other news, Director Eddy W. Hartenstein sold 3,175 shares of the stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $625.01, for a total transaction of $1,984,406.75. Following the completion of the transaction, the director now owns 9,734 shares in the company, valued at approximately $6,083,847.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.20% of the stock is owned by corporate insiders.

About Broadcom

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Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.