Drive Wealth Management LLC Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Drive Wealth Management LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 922.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,698 shares of the semiconductor manufacturer’s stock after acquiring an additional 10,554 shares during the quarter. Drive Wealth Management LLC’s holdings in Broadcom were worth $2,018,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Castleview Partners LLC lifted its stake in shares of Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 134 shares in the last quarter. Tsfg LLC increased its position in shares of Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after buying an additional 204 shares during the period. Krane Funds Advisors LLC purchased a new stake in shares of Broadcom in the third quarter worth about $42,000. Highline Wealth Partners LLC purchased a new position in Broadcom during the third quarter valued at approximately $45,000. Finally, AlphaCentric Advisors LLC lifted its stake in Broadcom by 859.3% in the 3rd quarter. AlphaCentric Advisors LLC now owns 259 shares of the semiconductor manufacturer’s stock worth $45,000 after purchasing an additional 232 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 in the last quarter. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Morgan Stanley boosted their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Mizuho lifted their price objective on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Truist Financial upped their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. William Blair started coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Finally, 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. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $192.79.

Broadcom Stock Down 1.3 %

NASDAQ AVGO opened at $163.25 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The stock’s 50 day moving average is $173.78 and its 200 day moving average is $160.09. The stock has a market cap of $762.47 billion, a PE ratio of 141.96, a P/E/G ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its earnings results 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 firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 EPS. Research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.30%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

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.