Western Pacific Wealth Management LP Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Western Pacific Wealth Management LP grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 18.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,105 shares of the semiconductor manufacturer’s stock after buying an additional 175 shares during the period. Western Pacific Wealth Management LP’s holdings in Broadcom were worth $256,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. McAdam LLC grew its stake in shares of Broadcom by 88.6% during the 4th quarter. McAdam LLC now owns 8,131 shares of the semiconductor manufacturer’s stock valued at $1,885,000 after buying an additional 3,819 shares during the period. Riggs Asset Managment Co. Inc. grew its stake in shares of Broadcom by 0.3% during the 4th quarter. Riggs Asset Managment Co. Inc. now owns 40,309 shares of the semiconductor manufacturer’s stock valued at $9,496,000 after buying an additional 131 shares during the period. Round Rock Advisors LLC purchased a new stake in shares of Broadcom during the 4th quarter valued at $238,000. River Street Advisors LLC grew its stake in shares of Broadcom by 1.2% during the 4th quarter. River Street Advisors LLC now owns 18,446 shares of the semiconductor manufacturer’s stock valued at $4,277,000 after buying an additional 218 shares during the period. Finally, Jacobsen Capital Management lifted its holdings in shares of Broadcom by 1.7% during the 4th quarter. Jacobsen Capital Management now owns 8,129 shares of the semiconductor manufacturer’s stock valued at $1,885,000 after acquiring an additional 137 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the transaction, the director now owns 46,400 shares in the company, valued at approximately $10,655,296. This represents a 7.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the completion of the transaction, the director now owns 113,050 shares of the company’s stock, valued at approximately $26,606,317.50. This trade represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock valued at $44,964,800 in the last quarter. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $222.43 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The firm has a 50-day simple moving average of $214.47 and a 200 day simple moving average of $182.60. The company has a market cap of $1.04 trillion, a PE ratio of 181.43, a P/E/G ratio of 2.31 and a beta of 1.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. The company’s revenue for the quarter was up 51.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date of this dividend was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 192.50%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Piper Sandler lifted their target price on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Barclays lifted their target price on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Jefferies Financial Group lifted their target price on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Citigroup lifted their target price on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $225.04.

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.