Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Centric Wealth Management

Centric Wealth Management lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 1.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 579 shares of the semiconductor manufacturer’s stock after acquiring an additional 9 shares during the quarter. Centric Wealth Management’s holdings in Broadcom were worth $646,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Stuart Chaussee & Associates Inc. purchased a new stake in Broadcom during the fourth quarter worth $25,000. PSI Advisors LLC boosted its stake in shares of Broadcom by 66.7% during the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after acquiring an additional 10 shares in the last quarter. Macroview Investment Management LLC acquired a new stake in shares of Broadcom during the 3rd quarter valued at about $29,000. BKM Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at about $29,000. Finally, CKW Financial Group acquired a new position in Broadcom in the 4th quarter worth about $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 4,643 shares in the company, valued at approximately $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction that occurred on 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 owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. 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 quarter. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several research analyst reports. Benchmark reissued a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Cantor Fitzgerald boosted their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a report on Monday, March 4th. Evercore ISI began coverage on shares of Broadcom in a report on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 price objective on the stock. Susquehanna increased their price objective on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a report on Wednesday, February 28th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a report on Friday, January 19th. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $1,285.41.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded up $16.82 during midday trading on Wednesday, hitting $1,319.93. The company’s stock had a trading volume of 857,881 shares, compared to its average volume of 2,848,984. Broadcom Inc. has a 12-month low of $615.86 and a 12-month high of $1,438.17. The company has a market cap of $611.68 billion, a P/E ratio of 49.54, a price-to-earnings-growth ratio of 2.60 and a beta of 1.25. The business’s 50 day simple moving average is $1,308.82 and its 200 day simple moving average is $1,157.75. 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 (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same period last year, the business earned $9.83 earnings per share. Broadcom’s revenue was up 34.2% compared to the same quarter last year. On average, analysts forecast that Broadcom Inc. will post 35.96 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a $5.25 dividend. This represents a $21.00 annualized dividend and a dividend yield of 1.59%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 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.