NewEdge Wealth LLC Has $99.38 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

NewEdge Wealth LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 428,637 shares of the semiconductor manufacturer’s stock after buying an additional 25,296 shares during the period. Broadcom makes up approximately 1.7% of NewEdge Wealth LLC’s investment portfolio, making the stock its 7th biggest position. NewEdge Wealth LLC’s holdings in Broadcom were worth $99,375,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Pin Oak Investment Advisors Inc. lifted its stake in Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares during the last quarter. Canton Hathaway LLC bought a new stake in Broadcom during the fourth quarter worth about $26,000. JDM Financial Group LLC lifted its stake in Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 172 shares during the last quarter. Retirement Wealth Solutions LLC bought a new stake in Broadcom during the fourth quarter worth about $37,000. Finally, R Squared Ltd bought a new stake in Broadcom during the fourth quarter worth about $39,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $197.80 on Friday. The firm has a 50 day moving average of $227.87 and a 200 day moving average of $191.51. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $927.16 billion, a price-to-earnings ratio of 161.34, a price-to-earnings-growth ratio of 2.29 and a beta of 1.02. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.98 earnings per share. On average, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a $0.59 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio is presently 191.87%.

Insiders Place Their Bets

In other Broadcom news, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the transaction, the director now directly owns 113,050 shares in the company, valued at $26,606,317.50. This represents a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the transaction, the director now owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 over the last three months. 2.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on AVGO shares. Barclays lifted their price objective on Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Piper Sandler lifted their price objective on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Robert W. Baird lifted their price objective on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Citigroup lifted their price objective on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Finally, Hsbc Global Res upgraded Broadcom to a “hold” rating in a report on Tuesday, December 3rd. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $225.04.

Broadcom Company 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.