Corient Private Wealth LLC Acquires 89,208 Shares of Broadcom Inc. $AVGO

Corient Private Wealth LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,857,912 shares of the semiconductor manufacturer’s stock after buying an additional 89,208 shares during the period. Broadcom comprises approximately 1.5% of Corient Private Wealth LLC’s investment portfolio, making the stock its 11th biggest holding. Corient Private Wealth LLC owned about 0.08% of Broadcom worth $1,063,434,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares during the last quarter. State Street Corp grew its stake in Broadcom by 0.5% in the second quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock valued at $51,071,601,000 after purchasing an additional 873,963 shares during the last quarter. Geode Capital Management LLC raised its holdings in Broadcom by 2.1% in the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after purchasing an additional 2,226,585 shares in the last quarter. Norges Bank purchased a new stake in shares of Broadcom during the second quarter valued at about $18,579,549,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Broadcom by 37.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after buying an additional 17,985,046 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent analyst reports. Evercore ISI boosted their price objective on shares of Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 15th. Truist Financial set a $500.00 price target on Broadcom in a research report on Friday. Barclays reiterated an “overweight” rating and set a $500.00 price objective (up previously from $450.00) on shares of Broadcom in a report on Friday. Bank of America boosted their target price on Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday. Finally, JPMorgan Chase & Co. upped their target price on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a research report on Friday. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Broadcom presently has an average rating of “Buy” and a consensus price target of $435.96.

Broadcom Price Performance

NASDAQ AVGO opened at $339.81 on Tuesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. The stock’s fifty day moving average price is $363.26 and its 200 day moving average price is $319.19. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $414.61. The company has a market cap of $1.60 trillion, a price-to-earnings ratio of 71.39, a PEG ratio of 1.22 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last issued its quarterly 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 company had revenue of $18.02 billion during 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%.The firm’s revenue was up 28.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.42 EPS. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be given a $0.65 dividend. 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 yield of 0.8%. The ex-dividend date is Monday, December 22nd. Broadcom’s payout ratio is currently 54.62%.

Insider Buying and Selling

In other Broadcom news, Director Henry Samueli sold 368,797 shares of the firm’s stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the completion of the transaction, the director directly owned 37,722,534 shares of the company’s stock, valued at approximately $12,746,821,463.94. This trade represents a 0.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 16,558 shares of Broadcom stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the sale, the insider owned 329,302 shares of the company’s stock, valued at approximately $114,468,668.22. The trade was a 4.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 818,662 shares of company stock worth $297,135,938 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

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.