Birchcreek Wealth Management LLC Acquires 1,233 Shares of Broadcom Inc. (NASDAQ:AVGO)

Birchcreek Wealth Management LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 850.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,378 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,233 shares during the period. Birchcreek Wealth Management LLC’s holdings in Broadcom were worth $238,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. InterOcean Capital Group LLC lifted its holdings in shares of Broadcom by 8.4% in the 1st quarter. InterOcean Capital Group LLC now owns 2,822 shares of the semiconductor manufacturer’s stock worth $3,740,000 after buying an additional 219 shares during the period. Ossiam lifted its stake in Broadcom by 763.2% in the first quarter. Ossiam now owns 74,430 shares of the semiconductor manufacturer’s stock worth $98,650,000 after acquiring an additional 65,807 shares during the period. MQS Management LLC bought a new position in Broadcom during the 1st quarter worth about $478,000. Crewe Advisors LLC purchased a new position in Broadcom during the 1st quarter valued at about $1,088,000. Finally, Payden & Rygel Investment Group bought a new stake in shares of Broadcom in the 1st quarter valued at about $23,208,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 0.5 %

Broadcom stock opened at $165.67 on Tuesday. The business’s 50-day simple moving average is $173.34 and its two-hundred day simple moving average is $159.57. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The company has a market cap of $773.77 billion, a PE ratio of 143.94, a PEG ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. Equities analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 184.19%.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 15,950 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. The trade was a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last three months. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVGO. The Goldman Sachs Group lifted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. UBS Group lifted their price target on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Morgan Stanley lifted their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $192.79.

Broadcom 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.