McGlone Suttner Wealth Management Inc. Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

McGlone Suttner Wealth Management Inc. boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 623 shares of the semiconductor manufacturer’s stock after purchasing an additional 47 shares during the quarter. McGlone Suttner Wealth Management Inc.’s holdings in Broadcom were worth $696,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of AVGO. Cantor Fitzgerald Investment Advisor L.P increased its holdings in Broadcom by 94.4% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock worth $47,283,000 after purchasing an additional 36,458 shares during the period. Fairfield Bush & CO. increased its holdings in shares of Broadcom by 2.6% in the 1st quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock valued at $3,114,000 after acquiring an additional 123 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Broadcom by 20.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock valued at $320,887,000 after acquiring an additional 87,945 shares during the last quarter. Loomis Sayles & Co. L P increased its holdings in shares of Broadcom by 1.1% in the 1st quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock valued at $25,412,000 after acquiring an additional 420 shares during the last quarter. Finally, Ergoteles LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at about $1,095,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In related news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Charlie B. Kawwas sold 5,000 shares of Broadcom 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 sale, the insider now directly owns 16,575 shares of the company’s stock, valued at $22,276,800. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the sale, the director now directly owns 45 shares in the company, valued at $62,465.85. The disclosure for this sale can be found here. Insiders have sold 19,810 shares of company stock worth $26,107,692 over the last quarter. 2.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. The Goldman Sachs Group reissued a “buy” rating and issued a $1,325.00 target price on shares of Broadcom in a research report on Friday, January 19th. Mizuho increased their price objective on Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a research report on Thursday, March 7th. Cantor Fitzgerald increased their price objective on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Citigroup reaffirmed a “buy” rating and set a $1,100.00 price objective on shares of Broadcom in a research report on Monday, December 11th. Finally, Truist Financial increased their price objective on Broadcom from $995.00 to $1,015.00 and gave the stock a “buy” rating in a research report on Friday, December 8th. Three analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $1,230.18.

Broadcom Price Performance

Broadcom stock traded up $6.68 during mid-day trading on Thursday, hitting $1,325.41. 1,984,981 shares of the company were exchanged, compared to its average volume of 3,096,293. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. The business’s 50 day simple moving average is $1,271.85 and its two-hundred day simple moving average is $1,063.26. The company has a market capitalization of $614.22 billion, a P/E ratio of 49.04, a PEG ratio of 2.81 and a beta of 1.26. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. During the same quarter last year, the business posted $9.83 earnings per share. Broadcom’s revenue was up 34.2% compared to the same quarter last year. Analysts forecast that Broadcom Inc. will post 36.8 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Thursday, March 21st will be issued a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is 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.