Marion Wealth Management Grows Stake in Broadcom Inc. (NASDAQ:AVGO)

Marion Wealth Management increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,930 shares of the semiconductor manufacturer’s stock after buying an additional 1,737 shares during the period. Marion Wealth Management’s holdings in Broadcom were worth $333,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Handelsbanken Fonder AB raised its holdings in shares of Broadcom by 826.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,963,813 shares of the semiconductor manufacturer’s stock valued at $511,258,000 after acquiring an additional 2,643,845 shares in the last quarter. Swedbank AB bought a new position in shares of Broadcom in the first quarter worth approximately $2,835,737,000. Vanguard Group Inc. raised its stake in Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after purchasing an additional 1,303,462 shares in the last quarter. Jennison Associates LLC lifted its position in Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after purchasing an additional 1,263,957 shares during the last quarter. Finally, GQG Partners LLC lifted its position in Broadcom by 48.9% during the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock valued at $3,966,730,000 after purchasing an additional 983,328 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was 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 approximately $126,754,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 263,452 shares of company stock valued at $56,396,638 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several research reports. UBS Group lowered their price objective on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. TD Cowen raised Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Bank of America reiterated a “buy” rating and set a $215.00 price objective (up from $200.00) on shares of Broadcom in a research report on Monday, June 24th. Mizuho boosted their target price on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, Piper Sandler increased their price target on shares of Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. 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. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Stock Up 0.2 %

Shares of Broadcom stock opened at $175.45 on Tuesday. The company’s fifty day simple moving average is $159.64 and its two-hundred day simple moving average is $149.81. Broadcom Inc. has a 12-month low of $81.83 and a 12-month high of $185.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a market cap of $816.70 billion, a P/E ratio of 7.53, a PEG ratio of 2.78 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released 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. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 earnings per share. Research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company 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 of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.21%. Broadcom’s payout ratio is currently 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.