WealthPlan Investment Management LLC Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

WealthPlan Investment Management LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO – Get Rating) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 514 shares of the semiconductor manufacturer’s stock, valued at approximately $266,000.

Several other large investors have also added to or reduced their stakes in the stock. Weiss Asset Management LP bought a new position in Broadcom in the 3rd quarter worth about $4,716,000. Centaurus Financial Inc. raised its holdings in shares of Broadcom by 5.7% in the 3rd quarter. Centaurus Financial Inc. now owns 4,755 shares of the semiconductor manufacturer’s stock valued at $2,111,000 after acquiring an additional 256 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in shares of Broadcom by 17.4% in the 3rd quarter. EP Wealth Advisors LLC now owns 106,303 shares of the semiconductor manufacturer’s stock valued at $47,199,000 after acquiring an additional 15,786 shares in the last quarter. Eagle Bay Advisors LLC raised its holdings in shares of Broadcom by 20.3% in the 3rd quarter. Eagle Bay Advisors LLC now owns 320 shares of the semiconductor manufacturer’s stock valued at $143,000 after acquiring an additional 54 shares in the last quarter. Finally, Continental Investors Services Inc. purchased a new stake in shares of Broadcom in the 3rd quarter valued at about $392,000. Institutional investors own 81.28% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on AVGO shares. Mizuho reaffirmed a “buy” rating and issued a $720.00 price target on shares of Broadcom in a report on Friday. Susquehanna reaffirmed a “positive” rating and issued a $690.00 price target on shares of Broadcom in a report on Thursday, March 9th. Evercore ISI raised their price target on Broadcom to $650.00 in a report on Monday, December 12th. Oppenheimer reaffirmed an “outperform” rating and issued a $720.00 price target on shares of Broadcom in a report on Monday, December 5th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $775.00 price target on shares of Broadcom in a report on Wednesday, March 1st. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $674.17.

Insiders Place Their Bets

In other news, Director Eddy W. Hartenstein sold 3,175 shares of Broadcom stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $625.01, for a total value of $1,984,406.75. Following the sale, the director now directly owns 9,734 shares in the company, valued at approximately $6,083,847.34. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.20% of the company’s stock.

Broadcom Price Performance

Shares of Broadcom stock opened at $630.97 on Friday. The company has a debt-to-equity ratio of 1.64, a current ratio of 2.52 and a quick ratio of 2.26. The business’s 50 day simple moving average is $597.58 and its two-hundred day simple moving average is $535.85. The stock has a market capitalization of $263.06 billion, a P/E ratio of 21.24, a price-to-earnings-growth ratio of 1.26 and a beta of 1.10. Broadcom Inc. has a one year low of $415.07 and a one year high of $645.31.

Broadcom (NASDAQ:AVGO – Get Rating) last announced its quarterly earnings results on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 EPS for the quarter, topping analysts’ consensus estimates of $9.38 by $0.95. The business had revenue of $8.92 billion for the quarter, compared to analysts’ expectations of $8.90 billion. Broadcom had a return on equity of 73.52% and a net margin of 37.19%. The business’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the firm earned $7.68 EPS. Analysts forecast that Broadcom Inc. will post 38.06 EPS for the current year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 22nd will be paid a $4.60 dividend. The ex-dividend date is Tuesday, March 21st. This represents a $18.40 dividend on an annualized basis and a yield of 2.92%. Broadcom’s dividend payout ratio (DPR) is currently 61.93%.

About Broadcom

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Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.