Bennett Associates Wealth Management Takes $573,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Bennett Associates Wealth Management purchased a new position in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, HoldingsChannel reports. The fund purchased 2,472 shares of the semiconductor manufacturer’s stock, valued at approximately $573,000. Broadcom makes up about 0.5% of Bennett Associates Wealth Management’s portfolio, making the stock its 23rd biggest holding.

Several other institutional investors have also recently added to or reduced their stakes in the stock. NCP Inc. raised its stake in Broadcom by 615.4% during the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after buying an additional 400 shares in the last quarter. ProVise Management Group LLC acquired a new stake in shares of Broadcom during the 2nd quarter valued at approximately $318,000. Brighton Jones LLC raised its position in shares of Broadcom by 5.7% during the 2nd quarter. Brighton Jones LLC now owns 2,480 shares of the semiconductor manufacturer’s stock valued at $3,981,000 after acquiring an additional 133 shares in the last quarter. Ieq Capital LLC boosted its holdings in Broadcom by 10.1% in the second quarter. Ieq Capital LLC now owns 33,422 shares of the semiconductor manufacturer’s stock worth $53,659,000 after purchasing an additional 3,067 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its stake in Broadcom by 4.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 24,465 shares of the semiconductor manufacturer’s stock valued at $39,280,000 after purchasing an additional 1,036 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $237.44 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a one year low of $112.19 and a one year high of $251.88. The business’s 50-day moving average price is $200.93 and its two-hundred day moving average price is $177.60. The company has a market capitalization of $1.11 trillion, a P/E ratio of 193.67, a price-to-earnings-growth ratio of 2.35 and a beta of 1.03.

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

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 0.99%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is presently 191.87%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AVGO shares. Jefferies Financial Group raised their target price on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Truist Financial raised their price target on Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft upped their price objective on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Piper Sandler raised their target price on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Robert W. Baird upped their price target on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $225.83.

Insider Buying and Selling at Broadcom

In other news, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares in the company, valued at $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Diane M. Bryant sold 15,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the completion of the sale, the director now owns 6,460 shares in the company, valued at approximately $1,464,352.80. The trade was a 69.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock worth $44,964,800 over the last 90 days. 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.