IMZ Advisory Inc Buys New Position in Broadcom Inc. (NASDAQ:AVGO)

IMZ Advisory Inc bought a new stake in Broadcom Inc. (NASDAQ:AVGO) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 4,147 shares of the semiconductor manufacturer’s stock, valued at approximately $733,000. Broadcom comprises about 0.3% of IMZ Advisory Inc’s holdings, making the stock its 21st biggest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Personal CFO Solutions LLC increased its position in shares of Broadcom by 4.9% during the 4th quarter. Personal CFO Solutions LLC now owns 1,105 shares of the semiconductor manufacturer’s stock worth $1,233,000 after purchasing an additional 52 shares during the last quarter. Ossiam increased its position in shares of Broadcom by 8.0% during the 4th quarter. Ossiam now owns 8,623 shares of the semiconductor manufacturer’s stock worth $9,625,000 after purchasing an additional 637 shares during the last quarter. Connectus Wealth LLC increased its position in shares of Broadcom by 5.1% during the 4th quarter. Connectus Wealth LLC now owns 6,474 shares of the semiconductor manufacturer’s stock worth $7,234,000 after purchasing an additional 313 shares during the last quarter. Evercore Wealth Management LLC increased its position in shares of Broadcom by 42.4% during the 4th quarter. Evercore Wealth Management LLC now owns 5,172 shares of the semiconductor manufacturer’s stock worth $5,773,000 after purchasing an additional 1,539 shares during the last quarter. Finally, Intrepid Capital Management Inc. boosted its stake in shares of Broadcom by 11.8% during the 4th quarter. Intrepid Capital Management Inc. now owns 236 shares of the semiconductor manufacturer’s stock worth $263,000 after acquiring an additional 25 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AVGO. Wells Fargo & Company lifted their target price on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 13th. Truist Financial lifted their target price on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 target price on shares of Broadcom in a research note on Friday, September 6th. Oppenheimer reduced their target price on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Finally, William Blair assumed coverage on Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating for the company. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $189.23.

Broadcom Price Performance

Shares of AVGO stock traded down $1.56 on Monday, hitting $175.08. 15,540,297 shares of the company’s stock were exchanged, compared to its average volume of 31,117,604. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 12 month low of $81.83 and a 12 month high of $185.16. The stock has a market cap of $814.98 billion, a P/E ratio of 7.53, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17. The company has a 50 day moving average of $159.64 and a 200 day moving average of $149.81.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion during 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 business’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the company earned $0.95 earnings per share. On average, equities research analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced 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 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 1.21%. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Hock E. Tan sold 50,000 shares of the 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 owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 263,452 shares of company stock worth $56,396,638. 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.