Avidian Wealth Enterprises LLC Boosts Holdings in Broadcom Inc. $AVGO

Avidian Wealth Enterprises LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,046 shares of the semiconductor manufacturer’s stock after buying an additional 2,196 shares during the period. Avidian Wealth Enterprises LLC’s holdings in Broadcom were worth $8,593,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. JCIC Asset Management Inc. bought a new position in shares of Broadcom during the 3rd quarter valued at about $31,000. Longfellow Investment Management Co. LLC bought a new stake in shares of Broadcom in the second quarter worth about $27,000. Legend Financial Advisors Inc. purchased a new stake in shares of Broadcom in the second quarter worth about $28,000. Teachers Insurance & Annuity Association of America bought a new position in Broadcom during the second quarter valued at approximately $28,000. Finally, Manning & Napier Advisors LLC purchased a new position in Broadcom during the 3rd quarter valued at approximately $34,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of a number of research reports. Bank of America increased their target price on Broadcom from $460.00 to $500.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Mizuho set a $480.00 price target on shares of Broadcom and gave the company an “outperform” rating in a research note on Friday, January 9th. Raymond James Financial set a $420.00 price objective on shares of Broadcom and gave the stock an “outperform” rating in a research note on Thursday, November 20th. Oppenheimer boosted their target price on shares of Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Finally, Wells Fargo & Company raised shares of Broadcom from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $410.00 to $430.00 in a report on Thursday, January 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $438.61.

Broadcom Price Performance

AVGO stock opened at $324.85 on Tuesday. The stock has a market cap of $1.54 trillion, a PE ratio of 68.25, a P/E/G ratio of 1.06 and a beta of 1.21. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61. The company has a 50-day moving average price of $356.84 and a 200 day moving average price of $336.51. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The company had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. During the same period in the prior year, the company posted $1.42 EPS. The firm’s revenue for the quarter was up 28.2% on a year-over-year basis. Equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 22nd were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is 54.62%.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 320,316 shares of Broadcom stock in a transaction on Monday, December 8th. The stock was sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the completion of the sale, the director directly owned 37,326,540 shares in the company, valued at approximately $14,950,399,066.20. This trade represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 38,281 shares of the business’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $327.65, for a total transaction of $12,542,769.65. Following the sale, the insider directly owned 266,494 shares of the company’s stock, valued at $87,316,759.10. This represents a 12.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 779,901 shares of company stock worth $284,069,237 in the last 90 days. 2.00% of the stock is owned by insiders.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.