Heritage Wealth Management LLC Purchases New Stake in Broadcom Inc. (NASDAQ:AVGO)

Heritage Wealth Management LLC acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,141 shares of the semiconductor manufacturer’s stock, valued at approximately $2,390,000. Broadcom accounts for 1.3% of Heritage Wealth Management LLC’s investment portfolio, making the stock its 13th biggest holding.

A number of other large investors have also recently bought and sold shares of AVGO. Stuart Chaussee & Associates Inc. bought a new position in Broadcom in the fourth quarter valued at approximately $25,000. PSI Advisors LLC boosted its holdings in shares of Broadcom by 66.7% in the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after purchasing an additional 10 shares in the last quarter. BKM Wealth Management LLC bought a new position in shares of Broadcom in the 4th quarter valued at $29,000. CKW Financial Group acquired a new position in shares of Broadcom during the 4th quarter worth $30,000. Finally, Bfsg LLC bought a new stake in shares of Broadcom during the 4th quarter worth $35,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the transaction, the insider now owns 46,974 shares of the company’s stock, valued at approximately $61,957,296.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the completion of the sale, the insider now owns 46,974 shares of the company’s stock, valued at $61,957,296.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Justine Page sold 110 shares of the stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the transaction, the director now owns 3,125 shares in the company, valued at $4,134,375. The disclosure for this sale can be found here. Insiders have sold a total of 29,920 shares of company stock valued at $40,306,667 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on AVGO shares. UBS Group lifted their target price on Broadcom to $1,480.00 and gave the company a “buy” rating in a research report on Monday, February 26th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $1,325.00 price target on shares of Broadcom in a report on Friday, January 19th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a research note on Monday, April 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Finally, Mizuho increased their price target on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

Broadcom Price Performance

Shares of AVGO stock traded down $2.32 during trading hours on Thursday, reaching $1,240.54. The stock had a trading volume of 746,875 shares, compared to its average volume of 2,883,265. The stock’s fifty day simple moving average is $1,310.35 and its 200 day simple moving average is $1,144.51. The firm has a market capitalization of $574.89 billion, a PE ratio of 45.70, a PEG ratio of 2.65 and a beta of 1.25. Broadcom Inc. has a 12 month low of $601.29 and a 12 month high of $1,438.17. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The business’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same period last year, the firm earned $9.83 EPS. On average, equities research analysts predict that Broadcom Inc. will post 35.96 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.69%. Broadcom’s dividend payout ratio is currently 77.84%.

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.