Cary Street Partners Investment Advisory LLC Purchases 1,521 Shares of Broadcom Inc. $AVGO

Cary Street Partners Investment Advisory LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 13.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,059 shares of the semiconductor manufacturer’s stock after buying an additional 1,521 shares during the period. Broadcom comprises 1.7% of Cary Street Partners Investment Advisory LLC’s portfolio, making the stock its 7th biggest position. Cary Street Partners Investment Advisory LLC’s holdings in Broadcom were worth $3,599,000 at the end of the most recent reporting period.

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

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 3,893 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total transaction of $1,354,063.26. Following the transaction, the insider owned 25,295 shares in the company, valued at approximately $8,798,106.90. This trade represents a 13.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kirsten M. Spears sold 7,498 shares of the business’s stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $347.66, for a total value of $2,606,754.68. Following the completion of the sale, the chief financial officer owned 313,330 shares of the company’s stock, valued at $108,932,307.80. This trade represents a 2.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders purchased 3,550 shares of company stock worth $1,227,869 and sold 665,271 shares worth $225,483,192. Insiders own 2.00% of the company’s stock.

Broadcom Trading Up 2.4%

AVGO stock opened at $390.24 on Friday. Broadcom Inc. has a one year low of $138.10 and a one year high of $403.00. The stock has a market cap of $1.84 trillion, a price-to-earnings ratio of 99.55, a price-to-earnings-growth ratio of 1.33 and a beta of 1.19. The company has a fifty day moving average price of $356.79 and a two-hundred day moving average price of $312.12. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.03. The company had revenue of $15.95 billion during the quarter, compared to analysts’ expectations of $15.82 billion. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. Broadcom’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.24 EPS. Equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Wall Street Analyst Weigh In

AVGO has been the topic of several recent research reports. Susquehanna reiterated a “positive” rating and issued a $450.00 price target (up from $400.00) on shares of Broadcom in a research note on Thursday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Broadcom in a research report on Monday, December 1st. Bank of America boosted their price target on Broadcom from $400.00 to $460.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Truist Financial increased their price objective on Broadcom from $295.00 to $365.00 and gave the company a “buy” rating in a report on Friday, September 5th. Finally, KeyCorp set a $460.00 target price on shares of Broadcom in a research note on Monday, October 13th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $391.04.

Broadcom 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.