W.G. Shaheen & Associates DBA Whitney & Co Grows Position in Broadcom Inc. (NASDAQ:AVGO)

W.G. Shaheen & Associates DBA Whitney & Co grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 909.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 109,462 shares of the semiconductor manufacturer’s stock after buying an additional 98,614 shares during the period. Broadcom makes up 2.0% of W.G. Shaheen & Associates DBA Whitney & Co’s investment portfolio, making the stock its 13th largest position. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Broadcom were worth $18,882,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Princeton Capital Management LLC grew its position in Broadcom by 1,389.8% during the 3rd quarter. Princeton Capital Management LLC now owns 25,371 shares of the semiconductor manufacturer’s stock worth $4,376,000 after purchasing an additional 23,668 shares during the period. Fifth Third Wealth Advisors LLC grew its holdings in Broadcom by 1,148.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 82,065 shares of the semiconductor manufacturer’s stock worth $14,156,000 after acquiring an additional 75,493 shares during the period. Wrapmanager Inc. lifted its holdings in Broadcom by 861.1% in the third quarter. Wrapmanager Inc. now owns 19,972 shares of the semiconductor manufacturer’s stock valued at $3,445,000 after acquiring an additional 17,894 shares during the period. BIP Wealth LLC boosted its position in Broadcom by 905.9% in the 3rd quarter. BIP Wealth LLC now owns 5,844 shares of the semiconductor manufacturer’s stock worth $1,008,000 after purchasing an additional 5,263 shares in the last quarter. Finally, Legacy Bridge LLC grew its stake in shares of Broadcom by 926.4% during the 3rd quarter. Legacy Bridge LLC now owns 29,735 shares of the semiconductor manufacturer’s stock worth $5,129,000 after purchasing an additional 26,838 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the sale, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This trade represents a 2.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following 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 represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last 90 days. 2.00% of the stock is owned by company insiders.

Broadcom Price Performance

Shares of AVGO stock opened at $163.89 on Friday. The firm’s 50-day moving average is $173.77 and its two-hundred day moving average is $160.37. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a market capitalization of $765.45 billion, a PE ratio of 142.39, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period in the prior year, the business posted $0.95 earnings per share. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. Analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is presently 184.19%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Benchmark restated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Truist Financial increased their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Cantor Fitzgerald boosted their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Finally, Morgan Stanley increased their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $192.79.

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.