Redmont Wealth Advisors LLC Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Redmont Wealth Advisors LLC raised its position in Broadcom Inc. (NASDAQ:AVGO) by 900.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 270 shares of the semiconductor manufacturer’s stock after buying an additional 243 shares during the period. Redmont Wealth Advisors LLC’s holdings in Broadcom were worth $47,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Legend Financial Advisors Inc. raised its holdings in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the period. Richardson Capital Management LLC acquired a new stake in Broadcom in the 1st quarter valued at $29,000. Delta Asset Management LLC TN increased its holdings in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares in the last quarter. St. Johns Investment Management Company LLC raised its position in Broadcom by 4,000.0% during the first quarter. St. Johns Investment Management Company LLC now owns 41 shares of the semiconductor manufacturer’s stock worth $54,000 after acquiring an additional 40 shares during the period. Finally, Clear Point Advisors Inc. lifted its holdings in Broadcom by 310.0% during the first quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer’s stock valued at $54,000 after purchasing an additional 31 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. The trade was 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 hyperlink. In other news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the company’s 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 sale, the insider now directly owns 380,560 shares in the company, valued at approximately $69,596,812.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AVGO. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. UBS Group reduced their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a report on Monday, September 9th. TD Cowen raised Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Benchmark reissued a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Finally, JPMorgan Chase & Co. raised their price objective on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $191.54.

Broadcom Stock Performance

Shares of Broadcom stock opened at $179.89 on Friday. The firm has a market cap of $837.37 billion, a PE ratio of 7.74, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $186.42. The business’s fifty day simple moving average is $166.52 and its 200-day simple moving average is $153.25.

Broadcom (NASDAQ:AVGO) last posted its 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. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. Equities analysts forecast 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. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.18%. Broadcom’s payout ratio is presently 9.12%.

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.