Glassman Wealth Services Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Glassman Wealth Services boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 4.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 849 shares of the semiconductor manufacturer’s stock after purchasing an additional 35 shares during the quarter. Glassman Wealth Services’ holdings in Broadcom were worth $948,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Broadcom during the 4th quarter worth $6,225,987,000. Northern Trust Corp boosted its holdings in Broadcom by 2.1% in the third quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock worth $3,866,684,000 after acquiring an additional 93,615 shares in the last quarter. Wellington Management Group LLP boosted its position in Broadcom by 43.9% in the third quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock valued at $3,343,631,000 after buying an additional 1,228,755 shares during the last quarter. FMR LLC boosted its position in Broadcom by 16.7% in the third quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock valued at $3,338,203,000 after buying an additional 573,826 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Broadcom by 113,495.7% in the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock valued at $37,140,060,000 after acquiring an additional 3,324,288 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now directly owns 4,643 shares in the company, valued at approximately $5,991,048.62. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 5,000 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the transaction, the insider now owns 16,575 shares of the company’s stock, valued at $22,276,800. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,920 shares of company stock valued at $40,306,667. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVGO. Jefferies Financial Group initiated coverage on Broadcom in a research note on Monday, May 13th. They set a “buy” rating and a $1,550.00 target price for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $1,500.00 price target (up previously from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. UBS Group raised their price target on Broadcom to $1,480.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Finally, Susquehanna lifted their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. Three equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,296.91.

Broadcom Trading Up 1.0 %

AVGO traded up $14.55 during trading on Friday, reaching $1,407.84. 1,672,996 shares of the company’s stock were exchanged, compared to its average volume of 2,139,019. The company’s fifty day moving average price is $1,324.64 and its 200-day moving average price is $1,202.84. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom Inc. has a fifty-two week low of $690.77 and a fifty-two week high of $1,445.40. The firm has a market capitalization of $652.42 billion, a PE ratio of 52.18, a P/E/G ratio of 2.81 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. During the same quarter in the previous year, the business earned $9.83 EPS. The firm’s revenue was up 34.2% on a year-over-year basis. As a group, equities analysts forecast that Broadcom Inc. will post 36.06 EPS for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were given a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s dividend payout ratio is currently 77.84%.

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.