Apollon Wealth Management LLC Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Apollon Wealth Management LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,028.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 204,147 shares of the semiconductor manufacturer's stock after purchasing an additional 186,052 shares during the period. Broadcom accounts for about 1.0% of Apollon Wealth Management LLC's investment portfolio, making the stock its 16th biggest holding. Apollon Wealth Management LLC's holdings in Broadcom were worth $35,215,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Forge First Asset Management Inc. acquired a new position in Broadcom during the first quarter valued at approximately $8,808,000. M&G Plc acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $588,782,000. First Foundation Advisors grew its holdings in Broadcom by 1.1% in the first quarter. First Foundation Advisors now owns 6,873 shares of the semiconductor manufacturer's stock worth $9,109,000 after purchasing an additional 78 shares during the period. Jupiter Asset Management Ltd. grew its stake in Broadcom by 34.9% in the first quarter. Jupiter Asset Management Ltd. now owns 10,129 shares of the semiconductor manufacturer's stock valued at $13,425,000 after acquiring an additional 2,622 shares during the period. Finally, Nicolet Advisory Services LLC increased its stake in Broadcom by 42.7% during the 1st quarter. Nicolet Advisory Services LLC now owns 692 shares of the semiconductor manufacturer's stock valued at $923,000 after purchasing an additional 207 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Charlie B. Kawwas sold 15,950 shares of the business's stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. The trade was a 2.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the chief executive officer now owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 in the last three months. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded down $5.54 during midday trading on Friday, hitting $164.84. 20,700,537 shares of the company's stock traded hands, compared to its average volume of 29,525,430. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The stock has a market capitalization of $769.90 billion, a price-to-earnings ratio of 144.87, a price-to-earnings-growth ratio of 2.04 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm has a fifty day moving average of $172.29 and a 200 day moving average of $159.14.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. The business 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 business's quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the firm earned $0.95 earnings per share. On average, analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is an increase from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is currently 184.35%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Truist Financial upped their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research note on Tuesday, October 8th. UBS Group raised their target price on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research report on Monday, November 4th. Mizuho increased their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. StockNews.com cut shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Tuesday, July 23rd. Finally, TD Cowen upgraded shares of Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. 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 company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $192.79.

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.