Argent Capital Management LLC Buys Shares of 392,761 Broadcom Inc. (NASDAQ:AVGO)

Argent Capital Management LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 392,761 shares of the semiconductor manufacturer’s stock, valued at approximately $67,751,000. Broadcom comprises about 1.9% of Argent Capital Management LLC’s investment portfolio, making the stock its 20th biggest position.

Several other institutional investors also recently modified their holdings of the business. American Institute for Advanced Investment Management LLP lifted its holdings in Broadcom by 900.0% in the third quarter. American Institute for Advanced Investment Management LLP now owns 2,800 shares of the semiconductor manufacturer’s stock valued at $483,000 after buying an additional 2,520 shares during the period. Mason & Associates Inc bought a new position in shares of Broadcom in the 3rd quarter worth $781,000. Yoder Wealth Management Inc. grew its stake in shares of Broadcom by 956.9% during the third quarter. Yoder Wealth Management Inc. now owns 2,209 shares of the semiconductor manufacturer’s stock worth $381,000 after purchasing an additional 2,000 shares during the period. Jackson Wealth Management LLC increased its holdings in Broadcom by 1,623.4% in the third quarter. Jackson Wealth Management LLC now owns 182,127 shares of the semiconductor manufacturer’s stock valued at $31,417,000 after purchasing an additional 171,559 shares during the last quarter. Finally, Fiduciary Planning LLC lifted its stake in Broadcom by 906.8% in the third quarter. Fiduciary Planning LLC now owns 12,776 shares of the semiconductor manufacturer’s stock valued at $2,204,000 after buying an additional 11,507 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the firm’s 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 completion of the sale, the insider now owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the transaction, the insider now directly owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

NASDAQ:AVGO opened at $173.00 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a fifty day simple moving average of $168.18 and a 200 day simple moving average of $154.68. Broadcom Inc. has a 1-year low of $81.83 and a 1-year high of $186.42. The stock has a market capitalization of $805.29 billion, a PE ratio of 7.44, a P/E/G ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the business earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, research analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is currently 9.12%.

Analyst Ratings Changes

AVGO has been the subject of several analyst reports. Rosenblatt Securities decreased their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. JPMorgan Chase & Co. upped their target price on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. UBS Group reduced their price target on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Truist Financial raised their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $191.54.

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.