Broadcom Inc. $AVGO Shares Sold by Wealth Alliance Advisory Group LLC

Wealth Alliance Advisory Group LLC lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,784 shares of the semiconductor manufacturer’s stock after selling 2,172 shares during the period. Broadcom accounts for approximately 1.1% of Wealth Alliance Advisory Group LLC’s portfolio, making the stock its 23rd biggest holding. Wealth Alliance Advisory Group LLC’s holdings in Broadcom were worth $5,867,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of AVGO. Revolve Wealth Partners LLC grew its holdings in shares of Broadcom by 3.0% during the third quarter. Revolve Wealth Partners LLC now owns 9,410 shares of the semiconductor manufacturer’s stock worth $3,105,000 after buying an additional 270 shares in the last quarter. Highline Wealth Partners LLC grew its stake in Broadcom by 22.4% in the 3rd quarter. Highline Wealth Partners LLC now owns 825 shares of the semiconductor manufacturer’s stock worth $272,000 after acquiring an additional 151 shares during the period. Voisard Asset Management Group Inc. raised its holdings in Broadcom by 2.9% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 3,175 shares of the semiconductor manufacturer’s stock valued at $1,047,000 after acquiring an additional 89 shares during the last quarter. Welch Group LLC raised its holdings in Broadcom by 2.1% in the 3rd quarter. Welch Group LLC now owns 33,252 shares of the semiconductor manufacturer’s stock valued at $10,970,000 after acquiring an additional 690 shares during the last quarter. Finally, Ellenbecker Investment Group lifted its stake in shares of Broadcom by 8.3% during the 3rd quarter. Ellenbecker Investment Group now owns 1,949 shares of the semiconductor manufacturer’s stock worth $643,000 after purchasing an additional 149 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

NASDAQ AVGO opened at $350.18 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The firm has a market capitalization of $1.66 trillion, a P/E ratio of 73.57, a P/E/G ratio of 1.20 and a beta of 1.19. The business’s 50-day simple moving average is $362.68 and its 200-day simple moving average is $323.20.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating the consensus estimate of $1.87 by $0.08. The firm had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. Broadcom’s revenue for the quarter was up 28.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.42 earnings per share. Equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be paid a $0.65 dividend. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is 54.62%.

Insider Buying and Selling at Broadcom

In related news, CFO Kirsten M. Spears sold 3,714 shares of the company’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $327.79, for a total transaction of $1,217,412.06. Following the completion of the sale, the chief financial officer directly owned 307,237 shares of the company’s stock, valued at approximately $100,709,216.23. This represents a 1.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 130,000 shares of the stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $326.02, for a total value of $42,382,600.00. Following the completion of the sale, the chief executive officer owned 595,638 shares of the company’s stock, valued at approximately $194,189,900.76. This represents a 17.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 524,780 shares of company stock worth $195,499,150. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several analyst reports. KeyCorp reiterated an “overweight” rating and issued a $500.00 target price (up from $460.00) on shares of Broadcom in a research note on Friday, December 12th. Barclays restated an “overweight” rating and issued a $500.00 price target (up previously from $450.00) on shares of Broadcom in a report on Friday, December 12th. Piper Sandler reiterated an “overweight” rating and set a $430.00 price objective (up from $375.00) on shares of Broadcom in a report on Friday, December 12th. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Finally, Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $436.33.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.