Boomfish Wealth Group LLC Invests $950,000 in Broadcom Inc. (NASDAQ:AVGO)

Boomfish Wealth Group LLC purchased a new position in Broadcom Inc. (NASDAQ:AVGO) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,509 shares of the semiconductor manufacturer’s stock, valued at approximately $950,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Broadcom by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after acquiring an additional 1,303,462 shares during the period. Jennison Associates LLC raised its stake in Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after purchasing an additional 1,263,957 shares during the period. Legal & General Group Plc raised its stake in Broadcom by 2.2% during the second quarter. Legal & General Group Plc now owns 3,963,063 shares of the semiconductor manufacturer’s stock worth $6,362,816,000 after purchasing an additional 83,846 shares during the period. GQG Partners LLC grew its stake in shares of Broadcom by 48.9% in the 1st quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock valued at $3,966,730,000 after buying an additional 983,328 shares during the period. Finally, Handelsbanken Fonder AB increased its holdings in shares of Broadcom by 826.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,963,813 shares of the semiconductor manufacturer’s stock worth $511,258,000 after buying an additional 2,643,845 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent analyst reports. Bank of America reiterated a “buy” rating and issued a $215.00 price objective (up from $200.00) on shares of Broadcom in a report on Monday, June 24th. Cantor Fitzgerald increased their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Benchmark reiterated a “buy” rating and issued a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Mizuho upped their price target on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Rosenblatt Securities dropped their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Two investment 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 MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $191.54.

Broadcom Price Performance

Shares of AVGO opened at $175.98 on Wednesday. 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 fifty-two week low of $81.83 and a fifty-two week high of $186.42. The firm has a 50-day simple moving average of $164.36 and a 200-day simple moving average of $152.27. The company has a market capitalization of $819.17 billion, a price-to-earnings ratio of 7.57, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the business posted $0.95 EPS. The company’s revenue was up 47.3% on a year-over-year basis. On average, equities research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.20%. Broadcom’s payout ratio is presently 9.12%.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the transaction, the insider now directly owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 295,130 shares of company stock valued at $50,646,622 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

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.