Gibbs Wealth Management Acquires 9,546 Shares of Broadcom Inc. $AVGO

Gibbs Wealth Management increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 277.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,984 shares of the semiconductor manufacturer’s stock after buying an additional 9,546 shares during the period. Broadcom accounts for 1.0% of Gibbs Wealth Management’s investment portfolio, making the stock its 23rd biggest position. Gibbs Wealth Management’s holdings in Broadcom were worth $4,284,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Longfellow Investment Management Co. LLC purchased a new position in shares of Broadcom in the second quarter valued at $27,000. Teachers Insurance & Annuity Association of America purchased a new position in Broadcom during the 2nd quarter valued at about $28,000. LGT Financial Advisors LLC bought a new stake in shares of Broadcom during the second quarter valued at about $31,000. New England Capital Financial Advisors LLC bought a new stake in shares of Broadcom during the second quarter valued at about $31,000. Finally, JCIC Asset Management Inc. purchased a new stake in shares of Broadcom in the third quarter worth about $31,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on AVGO shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Broadcom in a research note on Monday, December 29th. Benchmark boosted their price target on shares of Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Raymond James Financial set a $420.00 price target on shares of Broadcom and gave the stock an “outperform” rating in a report on Thursday, November 20th. JPMorgan Chase & Co. lifted their price objective on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. Finally, TD Cowen restated a “buy” rating on shares of Broadcom in a research note on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $438.61.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 130,000 shares of Broadcom stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $326.02, for a total value of $42,382,600.00. Following the transaction, the chief executive officer owned 595,638 shares in the company, valued at $194,189,900.76. This trade represents a 17.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kirsten M. Spears sold 30,000 shares of the company’s stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the sale, the chief financial officer owned 277,237 shares of the company’s stock, valued at approximately $96,428,573.34. The trade was a 9.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 779,901 shares of company stock worth $284,069,237 in the last quarter. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Up 0.1%

NASDAQ AVGO opened at $333.24 on Thursday. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The stock’s 50-day simple moving average is $356.26 and its two-hundred day simple moving average is $336.89. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61. The company has a market capitalization of $1.58 trillion, a price-to-earnings ratio of 70.01, a PEG ratio of 1.10 and a beta of 1.21.

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

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were paid a $0.65 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. 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%. Broadcom’s dividend payout ratio is currently 54.62%.

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.