Mattern Wealth Management LLC Acquires 18,048 Shares of Broadcom Inc. (NASDAQ:AVGO)

Mattern Wealth Management LLC lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 939.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,970 shares of the semiconductor manufacturer’s stock after buying an additional 18,048 shares during the quarter. Broadcom comprises 0.8% of Mattern Wealth Management LLC’s portfolio, making the stock its 26th biggest holding. Mattern Wealth Management LLC’s holdings in Broadcom were worth $3,445,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sound Income Strategies LLC lifted its holdings in Broadcom by 193.8% during the 1st quarter. Sound Income Strategies LLC now owns 141 shares of the semiconductor manufacturer’s stock worth $186,000 after buying an additional 93 shares in the last quarter. Brookstone Capital Management raised its position in shares of Broadcom by 7.6% during the first quarter. Brookstone Capital Management now owns 2,981 shares of the semiconductor manufacturer’s stock worth $3,952,000 after acquiring an additional 211 shares during the last quarter. Sovereign Financial Group Inc. raised its position in shares of Broadcom by 27.2% during the first quarter. Sovereign Financial Group Inc. now owns 491 shares of the semiconductor manufacturer’s stock worth $651,000 after acquiring an additional 105 shares during the last quarter. St. Johns Investment Management Company LLC lifted its stake in shares of Broadcom by 4,000.0% during the first quarter. St. Johns Investment Management Company LLC now owns 41 shares of the semiconductor manufacturer’s stock valued at $54,000 after acquiring an additional 40 shares during the period. Finally, Aspiriant LLC boosted its holdings in Broadcom by 5.7% in the first quarter. Aspiriant LLC now owns 1,082 shares of the semiconductor manufacturer’s stock valued at $1,434,000 after acquiring an additional 58 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on AVGO shares. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Rosenblatt Securities dropped their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. William Blair assumed coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Finally, Morgan Stanley increased their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Two investment 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, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.54.

Insider Buying and Selling at Broadcom

In other Broadcom news, 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 completion of the transaction, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, 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 transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the transaction, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $173.51 on Thursday. 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 Inc. has a one year low of $81.83 and a one year high of $186.42. The business’s 50 day simple moving average is $167.93 and its 200 day simple moving average is $154.14. The stock has a market capitalization of $807.67 billion, a PE ratio of 7.46, a PEG 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, beating the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 EPS. As a group, research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders 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 of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.22%. Broadcom’s dividend payout ratio is presently 9.12%.

Broadcom Company 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.