Broadcom Inc. (NASDAQ:AVGO) Stock Position Raised by Glass Wealth Management Co LLC

Glass Wealth Management Co LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 903.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 110,480 shares of the semiconductor manufacturer's stock after acquiring an additional 99,473 shares during the period. Broadcom comprises 10.5% of Glass Wealth Management Co LLC's holdings, making the stock its largest holding. Glass Wealth Management Co LLC's holdings in Broadcom were worth $19,058,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. MQS Management LLC bought a new position in Broadcom in the 1st quarter valued at approximately $478,000. Axxcess Wealth Management LLC lifted its stake in Broadcom by 3.3% in the 1st quarter. Axxcess Wealth Management LLC now owns 19,365 shares of the semiconductor manufacturer's stock valued at $25,667,000 after purchasing an additional 613 shares during the last quarter. Stamos Capital Partners L.P. lifted its stake in Broadcom by 13.3% in the 1st quarter. Stamos Capital Partners L.P. now owns 1,280 shares of the semiconductor manufacturer's stock valued at $1,697,000 after purchasing an additional 150 shares during the last quarter. Cadence Bank lifted its stake in Broadcom by 1.2% in the 1st quarter. Cadence Bank now owns 26,650 shares of the semiconductor manufacturer's stock valued at $35,322,000 after purchasing an additional 327 shares during the last quarter. Finally, K2 Principal Fund L.P. bought a new position in Broadcom in the 1st quarter valued at approximately $1,922,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Down 1.3 %

NASDAQ AVGO traded down $2.10 on Wednesday, reaching $163.25. The company had a trading volume of 16,945,824 shares, compared to its average volume of 29,367,113. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company's fifty day moving average is $173.68 and its 200 day moving average is $159.82. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The stock has a market capitalization of $762.47 billion, a P/E ratio of 141.31, a P/E/G ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its 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 firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the business earned $0.95 EPS. The company's revenue was up 47.3% compared to the same quarter last year. Sell-side analysts anticipate 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 dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.30%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is presently 184.35%.

Insiders Place Their Bets

In other news, 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 value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm's 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 completion of the transaction, the insider now owns 753,280 shares of the company's stock, valued at $126,754,425.60. This trade 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 worth $53,540,590 over the last quarter. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Mizuho increased their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. Truist Financial raised their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday, October 8th. UBS Group raised their price target on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Finally, Benchmark reaffirmed a "buy" rating and set a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $192.79.

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.