Grant Private Wealth Management Inc Boosts Stock Holdings in Broadcom Inc. $AVGO

Grant Private Wealth Management Inc lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2,675.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,450 shares of the semiconductor manufacturer’s stock after acquiring an additional 22,605 shares during the period. Broadcom accounts for approximately 4.8% of Grant Private Wealth Management Inc’s holdings, making the stock its 4th biggest holding. Grant Private Wealth Management Inc’s holdings in Broadcom were worth $7,736,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Broadcom in the 2nd quarter worth approximately $18,579,549,000. Price T Rowe Associates Inc. MD lifted its position in Broadcom by 37.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock worth $10,968,270,000 after buying an additional 17,985,046 shares during the last quarter. Vanguard Group Inc. lifted its position in Broadcom by 1.3% in the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after buying an additional 6,222,802 shares during the last quarter. Edgewood Management LLC purchased a new position in Broadcom during the second quarter worth $1,571,438,000. Finally, Alliancebernstein L.P. increased its position in Broadcom by 16.0% during the first quarter. Alliancebernstein L.P. now owns 29,513,814 shares of the semiconductor manufacturer’s stock valued at $4,941,498,000 after acquiring an additional 4,077,910 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $326.02 on Thursday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. The company has a market capitalization of $1.54 trillion, a PE ratio of 68.49, a P/E/G ratio of 1.15 and a beta of 1.19. The company has a 50 day moving average price of $362.96 and a 200-day moving average price of $319.95. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company 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 business posted $1.42 EPS. Broadcom’s quarterly revenue was up 28.2% on a year-over-year basis. As a group, equities analysts forecast 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. Investors of record on Monday, December 22nd will be issued a $0.65 dividend. The ex-dividend date is Monday, December 22nd. This is an increase from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. Broadcom’s dividend payout ratio is presently 49.58%.

Analyst Ratings Changes

Several research firms have recently issued reports on AVGO. KeyCorp restated an “overweight” rating and issued a $500.00 target price (up previously from $460.00) on shares of Broadcom in a report on Friday, December 12th. Bank of America raised their price objective on shares of Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Oppenheimer boosted their target price on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Macquarie started coverage on Broadcom in a report on Monday, September 15th. They issued an “outperform” rating and a $420.00 price target on the stock. Finally, Morgan Stanley raised their price target on Broadcom from $443.00 to $462.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $435.96.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 100,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 725,638 shares in the company, valued at approximately $246,412,152.04. This trade represents a 12.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $361.89, for a total transaction of $289,512.00. Following the transaction, the director directly owned 20,582 shares in the company, valued at approximately $7,448,419.98. The trade was a 3.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 791,513 shares of company stock valued at $287,708,906 over the last three months. 2.00% of the stock is owned by company 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.