Rep. Josh Gottheimer Sells Broadcom Inc. (NASDAQ:AVGO) Stock

Representative Josh Gottheimer (D-New Jersey) recently sold shares of Broadcom Inc. (NASDAQ:AVGO). In a filing disclosed on November 06th, the Representative disclosed that they had sold between $1,001 and $15,000 in Broadcom stock on October 3rd. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.

Representative Josh Gottheimer also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Texas Capital Bancshares (NASDAQ:TCBI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ITT (NYSE:ITT) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of Stifel Financial (NYSE:SF) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ICU Medical (NASDAQ:ICUI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of AppFolio (NASDAQ:APPF) on 10/31/2024.
• Purchased $1,001 – $15,000 in shares of Gates Industrial (NYSE:GTES) on 10/31/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/29/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Disco (OTCMKTS:DSCSY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Enerpac Tool Group (NYSE:EPAC) on 10/25/2024.

Broadcom Price Performance

Broadcom stock opened at $183.81 on Friday. The company has a market cap of $858.50 billion, a price-to-earnings ratio of 159.70, a PEG ratio of 1.99 and a beta of 1.17. Broadcom Inc. has a 52-week low of $89.90 and a 52-week high of $186.42. 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’s fifty day moving average is $169.80 and its 200 day moving average is $156.94.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for 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%. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.95 EPS. Sell-side analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is currently 184.19%.

Hedge Funds Weigh In On Broadcom

A number of hedge funds and other institutional investors have recently bought and sold shares of AVGO. Richardson Financial Services Inc. increased its position in Broadcom by 141.7% during the 1st quarter. Richardson Financial Services Inc. now owns 145 shares of the semiconductor manufacturer’s stock worth $192,000 after purchasing an additional 85 shares during the period. SPC Financial Inc. raised its position in Broadcom by 3.8% in the first quarter. SPC Financial Inc. now owns 731 shares of the semiconductor manufacturer’s stock worth $969,000 after acquiring an additional 27 shares in the last quarter. Howland Capital Management LLC lifted its holdings in Broadcom by 2.3% in the first quarter. Howland Capital Management LLC now owns 487 shares of the semiconductor manufacturer’s stock valued at $645,000 after acquiring an additional 11 shares during the period. Texas Permanent School Fund Corp boosted its position in shares of Broadcom by 0.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 90,963 shares of the semiconductor manufacturer’s stock worth $120,563,000 after purchasing an additional 335 shares in the last quarter. Finally, Mitchell Capital Management Co. grew its stake in shares of Broadcom by 12.7% during the 1st quarter. Mitchell Capital Management Co. now owns 9,344 shares of the semiconductor manufacturer’s stock worth $12,384,000 after purchasing an additional 1,056 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on AVGO shares. Morgan Stanley upped their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. William Blair assumed coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. JPMorgan Chase & Co. increased their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Truist Financial upped their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Rosenblatt Securities dropped their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $192.79.

Insider Activity at Broadcom

In other news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the sale, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last 90 days. Company insiders own 2.00% of the company’s stock.

About Representative Gottheimer

Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2025. Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2024 election. Gottheimer was first elected to the House in 2016. Prior to his election, Gottheimer worked for Microsoft, the Federal Communications Commission, and for the administration of President Bill Clinton (D). Click here for more information about Gottheimer’s career. Gottheimer serves on the House Financial Services Committee, where is a member of three subcommittees. For more on Gottheimer’s committee assignments, click here. Gottheimer became a co-chair of the Problem Solvers Caucus in February 2017. Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

Broadcom Company 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.