Geneos Wealth Management Inc. Purchases 16,619 Shares of Broadcom Inc. $AVGO

Geneos Wealth Management Inc. boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 25.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,749 shares of the semiconductor manufacturer’s stock after acquiring an additional 16,619 shares during the period. Geneos Wealth Management Inc.’s holdings in Broadcom were worth $22,259,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Sawyer & Company Inc grew its stake in Broadcom by 62.1% during 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 during the last quarter. Longfellow Investment Management Co. LLC purchased a new stake in Broadcom in the second quarter valued at about $27,000. Legend Financial Advisors Inc. acquired a new stake in Broadcom in the second quarter worth about $28,000. Teachers Insurance & Annuity Association of America purchased a new stake in shares of Broadcom during the second quarter worth about $28,000. Finally, LGT Financial Advisors LLC purchased a new stake in shares of Broadcom during the second quarter worth about $31,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Price Performance

Shares of AVGO opened at $359.93 on Friday. The business’s 50-day moving average is $363.17 and its two-hundred day moving average is $317.95. The company has a market capitalization of $1.70 trillion, a P/E ratio of 75.62, a P/E/G ratio of 1.22 and a beta of 1.19. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS 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 the consensus estimate of $17.46 billion. Broadcom had a return on equity of 38.82% and a net margin of 36.20%.The company’s revenue was up 28.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.42 earnings per share. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

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

Insider Activity

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 value 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 7,498 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.66, for a total transaction of $2,606,754.68. Following the sale, the chief financial officer directly owned 313,330 shares in the company, 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 sold 837,433 shares of company stock worth $303,900,352. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

AVGO has been the subject of several research analyst reports. Raymond James Financial set a $420.00 price objective on shares of Broadcom and gave the company an “outperform” rating in a research report on Thursday, November 20th. Weiss Ratings restated a “buy (b-)” rating on shares of Broadcom in a research note on Monday, December 8th. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday. Rosenblatt Securities boosted their price objective on shares of Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a report on Tuesday, December 9th. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $475.00 target price (up from $400.00) on shares of Broadcom in a research report on Friday. Three equities research 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $435.85.

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.