Beta Wealth Group Inc. Acquires Shares of 4,901 Broadcom Inc. (NASDAQ:AVGO)

Beta Wealth Group Inc. acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,901 shares of the semiconductor manufacturer's stock, valued at approximately $846,000.

A number of other large investors also recently modified their holdings of the company. Swedbank AB increased its stake in shares of Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock valued at $3,168,798,000 after buying an additional 16,453,718 shares during the period. Van ECK Associates Corp increased its position in Broadcom by 917.8% during the third quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer's stock valued at $2,203,837,000 after acquiring an additional 11,453,554 shares during the last quarter. Raymond James & Associates increased its position in Broadcom by 855.4% in the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer's stock worth $2,186,292,000 after buying an additional 11,347,563 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Broadcom by 226,130.5% during the third quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer's stock worth $14,224,520,000 after purchasing an additional 8,242,455 shares in the last quarter. Finally, National Pension Service boosted its stake in Broadcom by 1,045.4% during the third quarter. National Pension Service now owns 8,273,157 shares of the semiconductor manufacturer's stock valued at $1,427,120,000 after buying an additional 7,550,878 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Transactions at Broadcom

In other 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 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 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the business's stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the business's stock in a transaction on Thursday, September 19th. The shares were 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 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 three months. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Down 1.5 %

Broadcom stock traded down $2.69 during trading on Tuesday, hitting $176.22. The company's stock had a trading volume of 15,851,368 shares, compared to its average volume of 29,661,205. The stock has a market capitalization of $823.05 billion, a price-to-earnings ratio of 153.54, a P/E/G ratio of 2.16 and a beta of 1.17. The stock's fifty day moving average is $171.08 and its 200 day moving average is $158.17. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analysts' expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm's revenue was up 47.3% compared to the same quarter last year. During the same period last year, the firm earned $0.95 EPS. As a group, equities research analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business 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 represents a $2.12 dividend on an annualized basis and a yield of 1.20%. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's payout ratio is presently 184.19%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVGO. TD Cowen upgraded Broadcom to a "strong-buy" rating in a report on Monday, September 16th. Benchmark restated a "buy" rating and issued a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Rosenblatt Securities cut their price objective on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research note on Friday, September 6th. Truist Financial boosted their target price on Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Finally, StockNews.com cut Broadcom from a "buy" rating to a "hold" rating in a research note on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and a consensus 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.