Bar Harbor Wealth Management Grows Holdings in Broadcom Inc. (NASDAQ:AVGO)

Bar Harbor Wealth Management lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 833.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,097 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,658 shares during the quarter. Bar Harbor Wealth Management’s holdings in Broadcom were worth $707,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Sweet Financial Partners LLC raised its holdings in Broadcom by 938.6% in the 3rd quarter. Sweet Financial Partners LLC now owns 21,633 shares of the semiconductor manufacturer’s stock worth $3,732,000 after purchasing an additional 19,550 shares during the period. Redmont Wealth Advisors LLC increased its position in shares of Broadcom by 900.0% in the third quarter. Redmont Wealth Advisors LLC now owns 270 shares of the semiconductor manufacturer’s stock valued at $47,000 after buying an additional 243 shares in the last quarter. TruWealth Advisors LLC raised its stake in shares of Broadcom by 888.8% during the 3rd quarter. TruWealth Advisors LLC now owns 174,310 shares of the semiconductor manufacturer’s stock worth $30,107,000 after buying an additional 156,682 shares during the period. AlphaMark Advisors LLC raised its stake in shares of Broadcom by 1,141.8% during the 3rd quarter. AlphaMark Advisors LLC now owns 8,879 shares of the semiconductor manufacturer’s stock worth $1,532,000 after buying an additional 8,164 shares during the period. Finally, Drake & Associates LLC lifted its position in shares of Broadcom by 1,153.5% during the 3rd quarter. Drake & Associates LLC now owns 6,631 shares of the semiconductor manufacturer’s stock valued at $1,144,000 after buying an additional 6,102 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares of the company’s stock, valued at $69,596,812.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 over the last 90 days. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

AVGO has been the subject of several recent analyst reports. Bank of America reissued a “buy” rating and issued a $215.00 price target (up previously from $200.00) on shares of Broadcom in a report on Monday, June 24th. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Truist Financial raised their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Finally, StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $191.54.

Broadcom Stock Down 0.9 %

Shares of NASDAQ AVGO opened at $179.89 on Friday. The company has a market capitalization of $837.37 billion, a P/E ratio of 7.74, a P/E/G ratio of 2.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a 50 day simple moving average of $166.52 and a 200-day simple moving average of $153.25. Broadcom Inc. has a 1 year low of $81.83 and a 1 year high of $186.42.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. On average, equities research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.18%. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is 9.12%.

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.