Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Bridges Investment Management Inc.

Bridges Investment Management Inc. raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 338.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 43,508 shares of the semiconductor manufacturer’s stock after acquiring an additional 33,594 shares during the quarter. Broadcom accounts for about 1.1% of Bridges Investment Management Inc.’s holdings, making the stock its 28th biggest position. Bridges Investment Management Inc.’s holdings in Broadcom were worth $69,853,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Lion Street Advisors LLC lifted its position in Broadcom by 1.9% during the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after acquiring an additional 6 shares in the last quarter. Tucker Asset Management LLC lifted its position in Broadcom by 12.5% during the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after acquiring an additional 8 shares in the last quarter. Buckley Wealth Management LLC lifted its position in Broadcom by 0.7% during the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock worth $1,529,000 after acquiring an additional 8 shares in the last quarter. Legend Financial Advisors Inc. raised its position in shares of Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares in the last quarter. Finally, Ascent Wealth Partners LLC raised its position in shares of Broadcom by 0.3% in the 1st quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after purchasing an additional 8 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Melius Research assumed coverage on Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price on the stock. Piper Sandler upped their target price on Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Truist Financial upped their target price on Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a research report on Thursday, June 13th. Mizuho upped their target price on Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Finally, Citigroup reaffirmed a “buy” rating and issued a $156.00 target price on shares of Broadcom in a research report on Tuesday, June 11th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $189.23.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Broadcom Trading Up 3.6 %

Shares of AVGO stock opened at $167.42 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a 1 year low of $79.51 and a 1 year high of $185.16. The stock has a fifty day moving average of $156.80 and a two-hundred day moving average of $146.69. The firm has a market capitalization of $779.32 billion, a PE ratio of 7.20, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) 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 analyst estimates of $12.98 billion. During the same quarter in the previous year, the firm posted $0.95 EPS. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. As a group, research analysts expect that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 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.