MGB Wealth Management LLC Acquires 33,561 Shares of Broadcom Inc. (NASDAQ:AVGO)

MGB Wealth Management LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 901.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,285 shares of the semiconductor manufacturer's stock after purchasing an additional 33,561 shares during the quarter. Broadcom comprises about 2.3% of MGB Wealth Management LLC's investment portfolio, making the stock its 8th biggest position. MGB Wealth Management LLC's holdings in Broadcom were worth $6,434,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Lion Street Advisors LLC lifted its stake in Broadcom by 1.9% in the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer's stock valued at $520,000 after buying an additional 6 shares in the last quarter. Optimum Investment Advisors boosted its stake in Broadcom by 0.6% in the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer's stock worth $2,262,000 after purchasing an additional 8 shares during the period. Anderson Hoagland & Co. increased its holdings in Broadcom by 0.3% during the 2nd quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer's stock worth $4,623,000 after purchasing an additional 9 shares in the last quarter. Wealth Group Ltd raised its stake in shares of Broadcom by 6.0% in the 2nd quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer's stock valued at $283,000 after purchasing an additional 10 shares during the period. Finally, Canandaigua National Bank & Trust Co. lifted its holdings in shares of Broadcom by 1.4% in the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer's stock valued at $1,161,000 after purchasing an additional 10 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AVGO. Benchmark reiterated a "buy" rating and set a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. UBS Group lifted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a report on Monday, November 4th. Rosenblatt Securities reduced their target price on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a report on Friday, September 6th. William Blair started coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an "outperform" rating on the stock. Finally, The Goldman Sachs Group boosted their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $195.96.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares of the company's stock, valued at $69,596,812.80. This represents a 4.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, the insider now directly owns 737,330 shares in the company, valued at approximately $133,781,155.20. The trade was a 2.12 % decrease in their position. 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 quarter. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

AVGO stock traded down $0.08 during trading hours on Tuesday, hitting $164.74. 16,236,259 shares of the stock were exchanged, compared to its average volume of 29,199,652. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $769.43 billion, a P/E ratio of 143.99, a P/E/G ratio of 1.93 and a beta of 1.17. The company has a 50-day simple moving average of $173.72 and a two-hundred day simple moving average of $160.86.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to analysts' expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business's revenue for the quarter 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 fiscal year.

Broadcom Increases Dividend

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

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.