Wealth Alliance Sells 315 Shares of Broadcom Inc. (NASDAQ:AVGO)

Wealth Alliance lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 9.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,050 shares of the semiconductor manufacturer’s stock after selling 315 shares during the period. Broadcom accounts for about 0.6% of Wealth Alliance’s investment portfolio, making the stock its 24th largest holding. Wealth Alliance’s holdings in Broadcom were worth $4,896,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. TBH Global Asset Management LLC grew its stake in shares of Broadcom by 29.2% in the 4th quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock worth $715,000 after buying an additional 145 shares during the last quarter. Gilbert & Cook Inc. grew its stake in shares of Broadcom by 4.9% in the 4th quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor manufacturer’s stock worth $934,000 after buying an additional 39 shares during the last quarter. Aveo Capital Partners LLC grew its stake in shares of Broadcom by 15.9% in the 4th quarter. Aveo Capital Partners LLC now owns 459 shares of the semiconductor manufacturer’s stock worth $512,000 after buying an additional 63 shares during the last quarter. 9258 Wealth Management LLC grew its stake in shares of Broadcom by 1.5% in the 4th quarter. 9258 Wealth Management LLC now owns 3,884 shares of the semiconductor manufacturer’s stock worth $4,336,000 after buying an additional 58 shares during the last quarter. Finally, Gryphon Financial Partners LLC boosted its stake in Broadcom by 99.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock valued at $1,731,000 after purchasing an additional 801 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the sale, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Hock E. Tan sold 7,502 shares of Broadcom 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 sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of Broadcom stock opened at $162.47 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. The stock’s fifty day moving average is $157.17 and its 200 day moving average is $146.21. The stock has a market cap of $756.28 billion, a P/E ratio of 6.99, a P/E/G ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a one year low of $79.51 and a one year high of $185.16.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations 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 firm earned $0.95 earnings per share. Sell-side analysts anticipate that Broadcom Inc. will post 3.77 earnings per share 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 issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.30%. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Wall Street Analysts Forecast Growth

Several analysts have commented on AVGO shares. Melius started coverage on Broadcom in a research note on Monday, June 3rd. They set a “buy” rating and a $185.00 target price on the stock. UBS Group cut their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research note on Monday, September 9th. Citigroup reiterated a “buy” rating and set a $156.00 target price on shares of Broadcom in a research note on Tuesday, June 11th. Piper Sandler increased their target price on Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Finally, TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

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.