Darden Wealth Group Inc Has $3.27 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Darden Wealth Group Inc grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 947.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,940 shares of the semiconductor manufacturer's stock after buying an additional 17,131 shares during the quarter. Broadcom accounts for 2.3% of Darden Wealth Group Inc's holdings, making the stock its 8th largest holding. Darden Wealth Group Inc's holdings in Broadcom were worth $3,267,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Gamco Investors INC. ET AL raised its stake in shares of Broadcom by 80.5% in the first quarter. Gamco Investors INC. ET AL now owns 897 shares of the semiconductor manufacturer's stock valued at $1,189,000 after acquiring an additional 400 shares in the last quarter. Earnest Partners LLC increased its position in Broadcom by 11.8% during the first quarter. Earnest Partners LLC now owns 208 shares of the semiconductor manufacturer's stock worth $276,000 after buying an additional 22 shares during the period. Waverly Advisors LLC raised its position in Broadcom by 194.0% in the 1st quarter. Waverly Advisors LLC now owns 3,587 shares of the semiconductor manufacturer's stock valued at $4,754,000 after purchasing an additional 2,367 shares during the last quarter. Bayesian Capital Management LP purchased a new stake in shares of Broadcom in the first quarter valued at about $2,749,000. Finally, Kennedy Capital Management LLC acquired a new stake in Broadcom during the 1st quarter worth approximately $5,723,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent analyst reports. Cantor Fitzgerald raised their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research report on Tuesday, October 8th. Benchmark reiterated a "buy" rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. UBS Group raised their price target on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. William Blair initiated coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an "outperform" rating for the company. Finally, Truist Financial raised their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday, October 8th. Two equities research 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. Based on data from MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $195.96.

Broadcom Stock Performance

Broadcom stock traded up $0.59 during mid-day trading on Monday, hitting $164.82. 26,565,076 shares of the company's stock traded hands, compared to its average volume of 29,283,137. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The company has a market cap of $769.80 billion, a PE ratio of 142.10, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. The firm has a 50 day moving average price of $173.70 and a 200 day moving average price of $160.62. 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 posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company's quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 EPS. On average, equities analysts forecast 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. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is 184.19%.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the sale, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. The trade was a 4.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 50,000 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 in the last three months. 2.00% of the stock is currently owned by insiders.

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.