37,601 Shares in Broadcom Inc. (NASDAQ:AVGO) Purchased by Elite Wealth Management Inc.

Elite Wealth Management Inc. acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 37,601 shares of the semiconductor manufacturer's stock, valued at approximately $6,486,000. Broadcom accounts for approximately 0.9% of Elite Wealth Management Inc.'s portfolio, making the stock its 12th largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AVGO. Lion Street Advisors LLC increased its position in shares of Broadcom by 1.9% during the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer's stock valued at $520,000 after purchasing an additional 6 shares during the period. Optimum Investment Advisors grew its holdings in shares of 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 acquiring an additional 8 shares during the last quarter. Anderson Hoagland & Co. grew its holdings in shares of Broadcom by 0.3% in the 2nd quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer's stock worth $4,623,000 after acquiring an additional 9 shares during the last quarter. Wealth Group Ltd grew its holdings in shares of Broadcom by 6.0% in the 2nd quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer's stock worth $283,000 after acquiring an additional 10 shares during the last quarter. Finally, Canandaigua National Bank & Trust Co. grew its holdings in shares of Broadcom by 1.4% in the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer's stock worth $1,161,000 after acquiring an additional 10 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the business's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares of the company's stock, valued at $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the business's stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the transaction, the chief executive officer now directly owns 1,181,910 shares of the company's stock, valued at $204,399,515.40. This represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 over the last quarter. Insiders own 2.00% of the company's stock.

Broadcom Stock Up 1.5 %

Shares of NASDAQ:AVGO traded up $2.41 on Friday, reaching $162.08. The company had a trading volume of 11,024,005 shares, compared to its average volume of 29,107,898. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The stock has a 50-day moving average price of $173.39 and a 200 day moving average price of $161.69. The stock has a market capitalization of $757.01 billion, a P/E ratio of 140.82, a P/E/G ratio of 1.88 and a beta of 1.17. 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 announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The business's quarterly revenue was up 47.3% compared to the same quarter last year. On average, equities analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.31%. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is currently 184.19%.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent research reports. TD Cowen upgraded Broadcom to a "strong-buy" rating in a report on Monday, September 16th. William Blair initiated coverage on Broadcom in a report on Wednesday, September 18th. They issued an "outperform" rating on the stock. Mizuho lifted their target price on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. Rosenblatt Securities lowered their price target on Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. lifted their price target on Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a 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 assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $195.96.

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.