Apollon Wealth Management LLC Purchases 186,052 Shares of Broadcom Inc. (NASDAQ:AVGO)

Apollon Wealth Management LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,028.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 204,147 shares of the semiconductor manufacturer’s stock after purchasing an additional 186,052 shares during the quarter. Broadcom accounts for 1.0% of Apollon Wealth Management LLC’s portfolio, making the stock its 16th largest position. Apollon Wealth Management LLC’s holdings in Broadcom were worth $35,215,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Keystone Financial Services bought a new position in shares of Broadcom during the third quarter worth $266,000. Vestia Personal Wealth Advisors boosted its position in shares of Broadcom by 794.5% during the third quarter. Vestia Personal Wealth Advisors now owns 1,798 shares of the semiconductor manufacturer’s stock worth $310,000 after purchasing an additional 1,597 shares in the last quarter. Vantage Investment Partners LLC boosted its position in shares of Broadcom by 897.7% during the third quarter. Vantage Investment Partners LLC now owns 92,060 shares of the semiconductor manufacturer’s stock worth $15,880,000 after purchasing an additional 82,833 shares in the last quarter. Jeppson Wealth Management LLC boosted its position in shares of Broadcom by 910.6% during the third quarter. Jeppson Wealth Management LLC now owns 12,774 shares of the semiconductor manufacturer’s stock worth $2,204,000 after purchasing an additional 11,510 shares in the last quarter. Finally, Everhart Financial Group Inc. raised its holdings in shares of Broadcom by 1,057.1% during the third quarter. Everhart Financial Group Inc. now owns 23,872 shares of the semiconductor manufacturer’s stock worth $4,118,000 after acquiring an additional 21,809 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

Shares of AVGO opened at $170.38 on Friday. The firm has a 50-day moving average of $171.93 and a 200-day moving average of $158.86. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The company has a market cap of $795.77 billion, a PE ratio of 148.03, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

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

Broadcom Increases Dividend

The business 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 is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.24%. Broadcom’s payout ratio is presently 184.19%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Mizuho raised their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Rosenblatt Securities dropped their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. UBS Group raised their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, The Goldman Sachs Group raised their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” 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 issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $192.79.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction dated Thursday, September 19th. The stock was 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. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,080 shares of company stock valued at $53,540,590. Company 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.