BIP Wealth LLC Acquires 3,224 Shares of Broadcom Inc. $AVGO

BIP Wealth LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 49.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,719 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,224 shares during the period. BIP Wealth LLC’s holdings in Broadcom were worth $3,206,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Longfellow Investment Management Co. LLC purchased a new stake in shares of Broadcom during the 2nd quarter valued at about $27,000. Teachers Insurance & Annuity Association of America bought a new position in Broadcom during the second quarter valued at approximately $28,000. LGT Financial Advisors LLC purchased a new stake in Broadcom in the second quarter worth approximately $31,000. New England Capital Financial Advisors LLC bought a new stake in Broadcom in the 2nd quarter worth approximately $31,000. Finally, JCIC Asset Management Inc. purchased a new stake in Broadcom during the 3rd quarter valued at $31,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of research reports. Evercore ISI raised their price target on Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 15th. JPMorgan Chase & Co. raised their target price on Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Morgan Stanley upped their price target on shares of Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a research 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 report on Friday, December 12th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Broadcom in a report on Friday, December 12th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $438.61.

Insiders Place Their Bets

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

Broadcom Price Performance

NASDAQ AVGO opened at $332.79 on Wednesday. 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 Inc. has a 12 month low of $138.10 and a 12 month high of $414.61. The stock has a market cap of $1.58 trillion, a price-to-earnings ratio of 69.91, a PEG ratio of 1.08 and a beta of 1.21. The company’s 50 day moving average is $356.69 and its two-hundred day moving average is $336.92.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) 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 firm had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. During the same period in the prior year, the company posted $1.42 earnings per share. The company’s revenue for the quarter was up 28.2% compared to the same quarter last year. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current 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 given a $0.65 dividend. The ex-dividend date was Monday, December 22nd. This is a positive change 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 (DPR) is presently 54.62%.

Broadcom 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.