Tobam Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

11 Oct 2024, 12:51 by Scott Moore · The Cerbat Gem

Tobam boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 1,050.2% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 12,054 shares of the semiconductor manufacturer’s stock after acquiring an additional 11,006 shares during the quarter. Tobam’s holdings in Broadcom were worth $2,079,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Legend Financial Advisors Inc. raised its holdings in shares of Broadcom by 72.7% during the first 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 last quarter. Richardson Capital Management LLC acquired a new stake in Broadcom during the 1st quarter worth about $29,000. Delta Asset Management LLC TN grew its position in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares during the period. Redmont Wealth Advisors LLC purchased a new position in shares of Broadcom during the 1st quarter valued at about $36,000. Finally, Creekmur Asset Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the sale, the insider now owns 399,460 shares of the company’s stock, valued at $70,744,366. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Broadcom news, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the sale, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 20,280 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the transaction, the insider now owns 399,460 shares in the company, valued at $70,744,366. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 276,230 shares of company stock valued at $47,190,190 in the last 90 days. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $185.69 on Friday. The firm has a 50-day simple moving average of $161.39 and a 200-day simple moving average of $150.97. 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 stock has a market capitalization of $864.36 billion, a price-to-earnings ratio of 7.99, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $186.42.

Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s revenue was up 47.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 earnings per share. On average, equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal 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 issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.14%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is presently 9.12%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Mizuho raised their target price on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Barclays boosted their target price on shares of Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Piper Sandler raised 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. Finally, Oppenheimer cut their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $190.29.

View Our Latest Stock Analysis on AVGO

Broadcom Company Profile

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