Wallace Advisory Group LLC Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Wallace Advisory Group LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,830 shares of the semiconductor manufacturer’s stock, valued at approximately $424,000.

A number of other hedge funds have also recently made changes to their positions in the stock. GSG Advisors LLC lifted its holdings in Broadcom by 3.0% during the 4th quarter. GSG Advisors LLC now owns 4,053 shares of the semiconductor manufacturer’s stock valued at $940,000 after buying an additional 117 shares in the last quarter. Rosenberg Matthew Hamilton increased its position in shares of Broadcom by 3.2% during the fourth quarter. Rosenberg Matthew Hamilton now owns 5,982 shares of the semiconductor manufacturer’s stock worth $1,387,000 after acquiring an additional 184 shares during the period. Arbor Wealth Advisors LLC bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $206,000. Greenfield Savings Bank boosted its holdings in shares of Broadcom by 21.6% in the fourth quarter. Greenfield Savings Bank now owns 3,403 shares of the semiconductor manufacturer’s stock valued at $789,000 after purchasing an additional 605 shares during the period. Finally, Grandview Asset Management LLC grew its stake in Broadcom by 3.9% in the fourth quarter. Grandview Asset Management LLC now owns 33,039 shares of the semiconductor manufacturer’s stock worth $7,660,000 after purchasing an additional 1,230 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the sale, the chief executive officer now directly owns 842,836 shares of the company’s stock, valued at $202,246,926.56. This trade represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the sale, the director now owns 30,450 shares in the company, valued at approximately $7,308,000. This represents a 17.68 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of research analyst reports. Bank of America lifted their target price on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. increased their target price on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Jefferies Financial Group upped their price target on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Mizuho increased their price objective on shares of Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $223.54.

Broadcom Trading Down 0.3 %

NASDAQ AVGO opened at $224.70 on Wednesday. Broadcom Inc. has a 12-month low of $109.02 and a 12-month high of $251.88. The company has a fifty day simple moving average of $199.05 and a two-hundred day simple moving average of $176.63. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a market cap of $1.05 trillion, a P/E ratio of 195.22, a P/E/G ratio of 2.15 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter last year, the business posted $0.98 EPS. On average, analysts forecast that Broadcom Inc. will post 3.79 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a $0.59 dividend. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 1.05%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 191.87%.

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.