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

Concentric Wealth Management LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 887.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,380 shares of the semiconductor manufacturer's stock after purchasing an additional 35,390 shares during the period. Broadcom accounts for about 1.7% of Concentric Wealth Management LLC's investment portfolio, making the stock its 18th biggest holding. Concentric Wealth Management LLC's holdings in Broadcom were worth $6,793,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. Harvest Fund Management Co. Ltd lifted its position in Broadcom by 1,154.8% during the third quarter. Harvest Fund Management Co. Ltd now owns 400,759 shares of the semiconductor manufacturer's stock valued at $69,107,000 after buying an additional 368,821 shares during the period. Davis R M Inc. boosted its stake in Broadcom by 921.8% during the 3rd quarter. Davis R M Inc. now owns 14,254 shares of the semiconductor manufacturer's stock valued at $2,459,000 after purchasing an additional 12,859 shares during the last quarter. Prosperity Financial Group Inc. increased its holdings in Broadcom by 955.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 9,672 shares of the semiconductor manufacturer's stock worth $1,668,000 after buying an additional 8,756 shares in the last quarter. Bank of Hawaii grew its stake in shares of Broadcom by 1,323.3% in the third quarter. Bank of Hawaii now owns 31,824 shares of the semiconductor manufacturer's stock worth $5,490,000 after acquiring an additional 29,588 shares during the period. Finally, Douglass Winthrop Advisors LLC raised its stake in Broadcom by 958.1% during the 3rd quarter. Douglass Winthrop Advisors LLC now owns 17,300 shares of the semiconductor manufacturer's stock valued at $2,984,000 after buying an additional 15,665 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the subject of a number of recent research reports. UBS Group boosted their price target on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. William Blair began coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an "outperform" rating on the stock. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a research report on Friday, September 6th. TD Cowen raised Broadcom to a "strong-buy" rating in a report on Monday, September 16th. Finally, Benchmark reissued a "buy" rating and set a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $195.96.

Broadcom Price Performance

NASDAQ AVGO traded down $5.07 during trading on Wednesday, hitting $159.67. 19,695,362 shares of the stock traded hands, compared to its average volume of 19,165,998. The company has a market capitalization of $745.75 billion, a P/E ratio of 143.13, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The firm has a 50-day simple moving average of $173.76 and a 200-day simple moving average of $161.09. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. Broadcom's revenue was up 47.3% on a year-over-year basis. As a group, 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 given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. 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 yield of 1.33%. Broadcom's dividend payout ratio is 184.19%.

Insider Activity

In other news, CEO Hock E. Tan sold 150,000 shares of the firm's stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This trade represents a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This represents a 3.24 % 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 ninety days. Insiders own 2.00% of the company's stock.

About Broadcom

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.