Bennett Associates Wealth Management Purchases Shares of 2,472 Broadcom Inc. (NASDAQ:AVGO)

Bennett Associates Wealth Management bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,472 shares of the semiconductor manufacturer's stock, valued at approximately $573,000. Broadcom accounts for approximately 0.5% of Bennett Associates Wealth Management's portfolio, making the stock its 23rd largest holding.

A number of other hedge funds have also recently bought and sold shares of AVGO. Castleview Partners LLC increased its stake in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock worth $25,000 after purchasing an additional 134 shares in the last quarter. Pin Oak Investment Advisors Inc. increased its stake in Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer's stock worth $25,000 after purchasing an additional 135 shares in the last quarter. JDM Financial Group LLC increased its stake in Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer's stock worth $32,000 after purchasing an additional 172 shares in the last quarter. Tsfg LLC increased its stake in Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock worth $38,000 after purchasing an additional 204 shares in the last quarter. Finally, Cedar Wealth Management LLC grew its stake in Broadcom by 900.0% during the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer's stock valued at $41,000 after acquiring an additional 216 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the business's stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Harry L. You sold 6,540 shares of the business's stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the sale, the director now owns 30,450 shares in the company, valued at approximately $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 over the last three months. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on AVGO. Barclays lifted their target price on Broadcom from $205.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday. Mizuho lifted their target price on Broadcom from $245.00 to $260.00 and gave the company an "outperform" rating in a research note on Friday, January 10th. Evercore ISI lifted their target price on Broadcom from $201.00 to $250.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Truist Financial lifted their target price on Broadcom from $205.00 to $245.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Finally, Jefferies Financial Group lifted their target price on Broadcom from $205.00 to $225.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and a consensus price target of $225.83.

Broadcom Stock Performance

Shares of AVGO stock traded up $8.03 during trading hours on Friday, reaching $237.44. 31,036,592 shares of the company's stock were exchanged, compared to its average volume of 41,590,264. Broadcom Inc. has a fifty-two week low of $112.19 and a fifty-two week high of $251.88. The stock has a market capitalization of $1.11 trillion, a P/E ratio of 193.67, a P/E/G ratio of 2.35 and a beta of 1.03. The business has a fifty day moving average price of $200.93 and a 200-day moving average price of $177.60. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same period in the previous year, the company earned $0.98 earnings per share. The company's quarterly revenue was up 51.2% compared to the same quarter last year. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a dividend of $0.59 per share. The ex-dividend date was Monday, December 23rd. This is a positive change from Broadcom's previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.99%. Broadcom's payout ratio is 192.50%.

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.