StoneCrest Wealth Management Inc. Buys New Stake in Broadcom Inc. (NASDAQ:AVGO)

StoneCrest Wealth Management Inc. purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,177 shares of the semiconductor manufacturer's stock, valued at approximately $505,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Empirical Asset Management LLC lifted its stake in Broadcom by 48.2% during the 4th quarter. Empirical Asset Management LLC now owns 107,339 shares of the semiconductor manufacturer's stock worth $24,885,000 after acquiring an additional 34,894 shares in the last quarter. Cvfg LLC acquired a new stake in shares of Broadcom during the fourth quarter worth about $818,000. Morton Capital Management LLC CA grew its holdings in shares of Broadcom by 1.7% in the fourth quarter. Morton Capital Management LLC CA now owns 4,179 shares of the semiconductor manufacturer's stock valued at $969,000 after purchasing an additional 71 shares in the last quarter. Bennett Associates Wealth Management purchased a new stake in Broadcom during the 4th quarter worth approximately $573,000. Finally, Certified Advisory Corp lifted its holdings in Broadcom by 3.0% during the 4th quarter. Certified Advisory Corp now owns 3,514 shares of the semiconductor manufacturer's stock worth $815,000 after buying an additional 104 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Hsbc Global Res upgraded shares of Broadcom to a "hold" rating in a research note on Tuesday, December 3rd. TD Cowen lifted their price objective on shares of Broadcom from $210.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Piper Sandler increased their price objective on Broadcom from $200.00 to $250.00 and gave the company an "overweight" rating in a report on Friday, December 13th. Morgan Stanley boosted their target price on Broadcom from $233.00 to $265.00 and gave the stock an "overweight" rating in a research note on Friday, December 20th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $240.00 price objective on shares of Broadcom in a report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $225.83.

Insider Transactions at Broadcom

In related news, Director Check Kian Low sold 48,000 shares of Broadcom stock in a transaction on Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the completion of the transaction, the director now directly owns 113,050 shares of the company's stock, valued at approximately $26,606,317.50. The trade was a 29.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of the firm's stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the transaction, the director now owns 46,400 shares of the company's stock, valued at approximately $10,655,296. This represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock valued at $44,964,800 in the last ninety days. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

NASDAQ AVGO traded up $8.03 during trading hours on Friday, hitting $237.44. 31,036,592 shares of the stock were exchanged, compared to its average volume of 41,590,264. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market cap of $1.11 trillion, a price-to-earnings ratio of 193.67, a price-to-earnings-growth ratio of 2.35 and a beta of 1.03. Broadcom Inc. has a 12-month low of $112.19 and a 12-month high of $251.88. The stock has a 50-day moving average of $202.01 and a 200 day moving average of $178.14.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same period in the prior year, the business posted $0.98 EPS. The company's revenue for the quarter was up 51.2% on a year-over-year basis. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a $0.59 dividend. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 0.99%. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio (DPR) is 192.50%.

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.