Precision Wealth Strategies LLC Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Precision Wealth Strategies LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 989.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,862 shares of the semiconductor manufacturer’s stock after buying an additional 10,773 shares during the quarter. Broadcom accounts for about 1.9% of Precision Wealth Strategies LLC’s investment portfolio, making the stock its 14th largest holding. Precision Wealth Strategies LLC’s holdings in Broadcom were worth $2,046,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Sound Income Strategies LLC increased its position in shares of Broadcom by 193.8% in the 1st quarter. Sound Income Strategies LLC now owns 141 shares of the semiconductor manufacturer’s stock worth $186,000 after purchasing an additional 93 shares during the last quarter. Brookstone Capital Management grew its stake in Broadcom by 7.6% in the first quarter. Brookstone Capital Management now owns 2,981 shares of the semiconductor manufacturer’s stock worth $3,952,000 after purchasing an additional 211 shares in the last quarter. Sovereign Financial Group Inc. grew its stake in Broadcom by 27.2% in the first quarter. Sovereign Financial Group Inc. now owns 491 shares of the semiconductor manufacturer’s stock worth $651,000 after purchasing an additional 105 shares in the last quarter. St. Johns Investment Management Company LLC increased its holdings in Broadcom by 4,000.0% in the first quarter. St. Johns Investment Management Company LLC now owns 41 shares of the semiconductor manufacturer’s stock valued at $54,000 after buying an additional 40 shares during the last quarter. Finally, Aspiriant LLC lifted its holdings in Broadcom by 5.7% during the 1st quarter. Aspiriant LLC now owns 1,082 shares of the semiconductor manufacturer’s stock worth $1,434,000 after buying an additional 58 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Down 3.3 %

Broadcom stock opened at $173.51 on Thursday. Broadcom Inc. has a 12-month low of $81.83 and a 12-month high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a market capitalization of $807.67 billion, a PE ratio of 7.46, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The firm has a 50 day simple moving average of $167.93 and a 200-day simple moving average of $154.14.

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

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.22%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 9.12%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Rosenblatt Securities lowered their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Morgan Stanley boosted their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Benchmark restated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. William Blair started coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Finally, Cantor Fitzgerald raised their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Two equities 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. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $191.54.

Insider Activity

In related news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

About Broadcom

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.