Moss Adams Wealth Advisors LLC Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Moss Adams Wealth Advisors LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 1,208.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,220 shares of the semiconductor manufacturer’s stock after buying an additional 14,057 shares during the quarter. Broadcom makes up 0.3% of Moss Adams Wealth Advisors LLC’s investment portfolio, making the stock its 29th largest holding. Moss Adams Wealth Advisors LLC’s holdings in Broadcom were worth $2,625,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Legend Financial Advisors Inc. lifted its position in shares of Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares in the last quarter. Richardson Capital Management LLC acquired a new stake in Broadcom during the 1st quarter worth approximately $29,000. Delta Asset Management LLC TN boosted its position in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 17 shares during the period. Redmont Wealth Advisors LLC acquired a new position in shares of Broadcom in the first quarter worth $36,000. Finally, St. Johns Investment Management Company LLC increased its position 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 worth $54,000 after acquiring an additional 40 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on AVGO shares. Rosenblatt Securities cut their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Oppenheimer reduced their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Truist Financial boosted their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Bank of America restated a “buy” rating and issued a $215.00 price objective (up from $200.00) on shares of Broadcom in a report on Monday, June 24th. Finally, William Blair initiated coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating for the company. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average price target of $191.54.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. Company insiders own 2.00% of the company’s stock.

Broadcom Trading Down 0.9 %

NASDAQ:AVGO opened at $179.89 on Monday. 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 stock’s 50 day simple moving average is $166.52 and its 200-day simple moving average is $153.25. Broadcom Inc. has a 12-month low of $81.83 and a 12-month high of $186.42. The firm has a market cap of $837.37 billion, a P/E ratio of 7.74, a PEG ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. Equities analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.18%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

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.