ZRC Wealth Management LLC Boosts Position in Broadcom Inc. (NASDAQ:AVGO)

ZRC Wealth Management LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,040 shares of the semiconductor manufacturer’s stock after buying an additional 936 shares during the period. ZRC Wealth Management LLC’s holdings in Broadcom were worth $179,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Legend Financial Advisors Inc. grew its holdings in Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares in the last quarter. Richardson Capital Management LLC bought a new position in Broadcom during the 1st quarter worth about $29,000. Delta Asset Management LLC TN grew its holdings in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in shares of Broadcom in the 1st quarter valued at about $36,000. Finally, Creekmur Asset Management LLC bought a new stake in shares of Broadcom in the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on AVGO shares. Barclays raised their price target on shares of Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price target on shares of Broadcom in a research report on Friday, September 6th. The Goldman Sachs Group lifted their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. UBS Group lowered their target price on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research note on Monday, September 9th. Finally, StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $189.23.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 10,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total transaction of $1,671,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,171,910 shares in the company, valued at approximately $195,873,037.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 243,452 shares of company stock valued at $52,950,238. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Up 2.8 %

Shares of Broadcom stock traded up $4.75 during trading on Friday, reaching $176.64. 17,941,387 shares of the company were exchanged, compared to its average volume of 31,198,639. The business has a 50-day moving average price of $159.64 and a 200-day moving average price of $149.81. 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 firm has a market capitalization of $822.24 billion, a price-to-earnings ratio of 7.60, a P/E/G ratio of 2.78 and a beta of 1.17. Broadcom Inc. has a twelve month low of $81.17 and a twelve month high of $185.16.

Broadcom (NASDAQ:AVGO) 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 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 earnings per share. The business’s revenue was up 47.3% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued 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 annualized dividend and a yield of 1.20%. Broadcom’s payout ratio is presently 9.12%.

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.