NewEdge Wealth LLC Acquires 2,778 Shares of Broadcom Inc. (NASDAQ:AVGO)

NewEdge Wealth LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 6.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,067 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,778 shares during the quarter. Broadcom makes up 1.3% of NewEdge Wealth LLC’s portfolio, making the stock its 9th biggest holding. NewEdge Wealth LLC’s holdings in Broadcom were worth $52,539,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC grew its stake in shares of Broadcom by 76.5% during the 3rd quarter. Rise Advisors LLC now owns 30 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 13 shares during the period. Macroview Investment Management LLC acquired a new stake in Broadcom during the third quarter worth about $29,000. BKM Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth about $29,000. CKW Financial Group acquired a new position in shares of Broadcom in the 4th quarter valued at about $30,000. Finally, Indiana Trust & Investment Management CO purchased a new stake in shares of Broadcom during the 3rd quarter worth about $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

NASDAQ AVGO traded down $38.39 on Friday, reaching $1,344.07. The company’s stock had a trading volume of 2,778,012 shares, compared to its average volume of 2,983,487. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The firm’s 50 day moving average is $1,300.62 and its two-hundred day moving average is $1,099.55. Broadcom Inc. has a twelve month low of $601.29 and a twelve month high of $1,438.17. The stock has a market cap of $622.87 billion, a PE ratio of 49.82, a PEG ratio of 2.69 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. The business had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company’s revenue was up 34.2% compared to the same quarter last year. During the same period last year, the company posted $9.83 EPS. As a group, sell-side analysts predict that Broadcom Inc. will post 35.95 EPS for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio is 77.84%.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of research reports. Cantor Fitzgerald upped their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a research report on Monday. Rosenblatt Securities reiterated a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Benchmark reissued a “buy” rating and set a $1,720.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Finally, Mizuho increased their price target on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,255.18.

Insider Buying and Selling at Broadcom

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. The disclosure for this sale can be found here. Insiders have sold a total of 27,310 shares of company stock valued at $36,869,987 in the last three months. 2.00% of the stock is currently owned by company insiders.

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.