Broadcom Inc. (NASDAQ:AVGO) Shares Bought by MONECO Advisors LLC

MONECO Advisors LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 12.8% in the second quarter, HoldingsChannel.com reports. The fund owned 963 shares of the semiconductor manufacturer’s stock after buying an additional 109 shares during the quarter. MONECO Advisors LLC’s holdings in Broadcom were worth $459,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Ausdal Financial Partners Inc. boosted its position in shares of Broadcom by 12.0% during the first quarter. Ausdal Financial Partners Inc. now owns 1,136 shares of the semiconductor manufacturer’s stock worth $527,000 after buying an additional 122 shares during the period. Unigestion Holding SA acquired a new position in shares of Broadcom during the first quarter worth approximately $439,000. Avidian Wealth Solutions LLC boosted its position in shares of Broadcom by 5.1% during the first quarter. Avidian Wealth Solutions LLC now owns 2,237 shares of the semiconductor manufacturer’s stock worth $1,037,000 after buying an additional 108 shares during the period. Congress Asset Management Co. MA boosted its position in shares of Broadcom by 0.4% during the first quarter. Congress Asset Management Co. MA now owns 19,436 shares of the semiconductor manufacturer’s stock worth $9,012,000 after buying an additional 86 shares during the period. Finally, Bridges Investment Management Inc. boosted its position in shares of Broadcom by 6.3% during the first quarter. Bridges Investment Management Inc. now owns 4,709 shares of the semiconductor manufacturer’s stock worth $2,183,000 after buying an additional 278 shares during the period. Institutional investors own 80.28% of the company’s stock.

NASDAQ:AVGO traded up $7.40 during trading hours on Wednesday, hitting $509.27. 59,739 shares of the stock traded hands, compared to its average volume of 1,834,716. The firm has a 50 day moving average price of $484.42 and a 200 day moving average price of $470.98. The company has a current ratio of 2.41, a quick ratio of 2.23 and a debt-to-equity ratio of 1.65. Broadcom Inc. has a fifty-two week low of $343.48 and a fifty-two week high of $507.85. The firm has a market cap of $209.62 billion, a price-to-earnings ratio of 37.23, a PEG ratio of 1.36 and a beta of 0.93.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, September 1st. The semiconductor manufacturer reported $6.96 EPS for the quarter, beating the consensus estimate of $6.88 by $0.08. Broadcom had a net margin of 22.90% and a return on equity of 44.27%. The business had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.76 billion. During the same period in the previous year, the company posted $5.40 EPS. Broadcom’s revenue was up 16.4% on a year-over-year basis. Research analysts predict that Broadcom Inc. will post 24.42 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Stockholders of record on Wednesday, September 22nd will be issued a dividend of $3.60 per share. This represents a $14.40 annualized dividend and a dividend yield of 2.83%. The ex-dividend date is Tuesday, September 21st. Broadcom’s dividend payout ratio is currently 78.05%.

In related news, Director Eddy W. Hartenstein sold 4,811 shares of the company’s stock in a transaction on Friday, September 10th. The shares were sold at an average price of $499.12, for a total value of $2,401,266.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Charlie B. Kawwas sold 3,000 shares of the company’s stock in a transaction on Friday, September 10th. The stock was sold at an average price of $500.83, for a total transaction of $1,502,490.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,264 shares of company stock worth $8,652,754. 2.40% of the stock is currently owned by corporate insiders.

Several equities analysts have recently issued reports on the company. boosted their price objective on Broadcom from $500.00 to $528.00 and gave the stock a “buy” rating in a research report on Friday, June 4th. Morgan Stanley boosted their target price on Broadcom from $555.00 to $572.00 and gave the stock an “overweight” rating in a report on Friday, September 3rd. Oppenheimer reissued a “buy” rating and set a $575.00 target price on shares of Broadcom in a report on Thursday, May 27th. Susquehanna reissued a “positive” rating and set a $590.00 target price (up previously from $580.00) on shares of Broadcom in a report on Friday, September 3rd. Finally, Piper Sandler boosted their target price on Broadcom from $525.00 to $550.00 and gave the stock an “overweight” rating in a report on Friday, September 3rd. Five research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $549.52.

Broadcom Profile

Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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