Armstrong Advisory Group Inc. Purchases 13 Shares of Broadcom Inc. (NASDAQ:AVGO)

Armstrong Advisory Group Inc. boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 13.0% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 113 shares of the semiconductor manufacturer’s stock after purchasing an additional 13 shares during the period. Armstrong Advisory Group Inc.’s holdings in Broadcom were worth $98,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its stake in Broadcom by 756.5% in the first quarter. Envestnet Asset Management Inc. now owns 5,207,035 shares of the semiconductor manufacturer’s stock valued at $404,363,000 after acquiring an additional 4,599,078 shares during the last quarter. Norges Bank purchased a new position in Broadcom in the fourth quarter valued at about $2,222,676,000. Moneta Group Investment Advisors LLC boosted its stake in Broadcom by 122,794.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,667,161 shares of the semiconductor manufacturer’s stock valued at $2,050,420,000 after acquiring an additional 3,664,177 shares during the last quarter. Providence Capital Advisors LLC boosted its stake in Broadcom by 49,919.1% in the first quarter. Providence Capital Advisors LLC now owns 2,437,432 shares of the semiconductor manufacturer’s stock valued at $3,799,000 after acquiring an additional 2,432,559 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Broadcom by 33.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,552,519 shares of the semiconductor manufacturer’s stock valued at $2,545,450,000 after acquiring an additional 1,132,038 shares during the last quarter. 78.81% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on AVGO shares. TD Cowen boosted their target price on shares of Broadcom from $800.00 to $900.00 and gave the company a “market perform” rating in a research note on Friday, September 1st. KeyCorp restated an “overweight” rating and set a $1,000.00 price target on shares of Broadcom in a research note on Thursday. Benchmark restated a “buy” rating and set a $950.00 price target on shares of Broadcom in a research note on Friday, September 1st. Truist Financial upped their price target on shares of Broadcom from $942.00 to $995.00 and gave the company a “buy” rating in a research note on Friday, September 8th. Finally, Rosenblatt Securities upped their price target on shares of Broadcom from $900.00 to $1,000.00 in a research note on Friday, September 1st. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $846.14.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $871.64 on Friday. The company’s fifty day moving average price is $874.48 and its 200-day moving average price is $758.55. The firm has a market capitalization of $359.76 billion, a price-to-earnings ratio of 26.80, a PEG ratio of 1.79 and a beta of 1.10. Broadcom Inc. has a one year low of $415.07 and a one year high of $923.67. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.50 and a quick ratio of 2.25.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. The firm had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.85 billion. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $9.07 EPS. On average, equities research analysts anticipate that Broadcom Inc. will post 37.88 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be issued a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Wednesday, September 20th. Broadcom’s dividend payout ratio is currently 56.58%.

Insider Activity at Broadcom

In other Broadcom news, Director Check Kian Low bought 11,000 shares of Broadcom stock in a transaction that occurred on Wednesday, September 6th. The shares were bought at an average price of $872.03 per share, with a total value of $9,592,330.00. Following the acquisition, the director now owns 15,951 shares in the company, valued at $13,909,750.53. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Broadcom news, Director Check Kian Low bought 11,000 shares of Broadcom stock in a transaction that occurred on Wednesday, September 6th. The shares were bought at an average price of $872.03 per share, with a total value of $9,592,330.00. Following the acquisition, the director now owns 15,951 shares in the company, valued at $13,909,750.53. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eddy W. Hartenstein sold 1,500 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the transaction, the director now directly owns 9,123 shares in the company, valued at approximately $7,806,368.64. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.

Broadcom Company 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.