WFA Asset Management Corp Grows Position in Broadcom Inc. $AVGO

WFA Asset Management Corp raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 900.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,120 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,908 shares during the period. Broadcom accounts for about 0.4% of WFA Asset Management Corp’s holdings, making the stock its 22nd biggest position. WFA Asset Management Corp’s holdings in Broadcom were worth $699,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of AVGO. Assetmark Inc. grew its position in shares of Broadcom by 2.4% during the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after purchasing an additional 39,466 shares in the last quarter. Capital Counsel LLC NY bought a new position in Broadcom in the 2nd quarter worth approximately $221,000. Waterloo Capital L.P. grew its holdings in Broadcom by 7.0% during the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock valued at $13,331,000 after buying an additional 3,180 shares in the last quarter. Providence First Trust Co raised its position in shares of Broadcom by 1,099.3% during the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock valued at $2,944,000 after buying an additional 8,179 shares during the last quarter. Finally, RiverFront Investment Group LLC lifted its holdings in shares of Broadcom by 107.6% in the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after buying an additional 8,566 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 0.1%

Shares of NASDAQ AVGO opened at $333.24 on Thursday. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. The business’s 50 day moving average is $356.26 and its two-hundred day moving average is $336.89. The stock has a market capitalization of $1.58 trillion, a P/E ratio of 70.01, a PEG ratio of 1.10 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company’s quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.42 EPS. As a group, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were paid a $0.65 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, December 22nd. Broadcom’s payout ratio is currently 54.62%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Broadcom in a research note on Monday, December 29th. Wells Fargo & Company raised shares of Broadcom from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $410.00 to $430.00 in a report on Thursday, January 15th. Evercore ISI raised their price objective on Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research report on Wednesday, October 15th. KeyCorp reaffirmed an “overweight” rating and issued a $500.00 target price (up from $460.00) on shares of Broadcom in a report on Friday, December 12th. Finally, Citigroup reissued a “buy” rating on shares of Broadcom in a research note on Thursday, January 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Broadcom has an average rating of “Buy” and an average price target of $438.61.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the transaction, the chief financial officer owned 277,237 shares of the company’s stock, valued at approximately $96,428,573.34. This represents a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $347.12, for a total value of $10,413,600.00. Following the completion of the sale, the insider owned 210,573 shares in the company, valued at approximately $73,094,099.76. The trade was a 12.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 779,901 shares of company stock worth $284,069,237. 2.00% of the stock is currently owned by insiders.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.