Berry Wealth Group LP Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Berry Wealth Group LP bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, Holdings Channel.com reports. The fund bought 4,994 shares of the semiconductor manufacturer’s stock, valued at approximately $5,574,000. Broadcom accounts for approximately 5.1% of Berry Wealth Group LP’s investment portfolio, making the stock its 5th largest position.

Other large investors also recently bought and sold shares of the company. Sigma Investment Counselors Inc. grew its stake in shares of Broadcom by 6.6% during the third quarter. Sigma Investment Counselors Inc. now owns 390 shares of the semiconductor manufacturer’s stock worth $324,000 after purchasing an additional 24 shares in the last quarter. Hoey Investments Inc. boosted its position in shares of Broadcom by 37.1% during the 3rd quarter. Hoey Investments Inc. now owns 1,368 shares of the semiconductor manufacturer’s stock worth $1,136,000 after acquiring an additional 370 shares in the last quarter. Robbins Farley increased its holdings in shares of Broadcom by 1.9% in the 3rd quarter. Robbins Farley now owns 4,881 shares of the semiconductor manufacturer’s stock valued at $4,054,000 after acquiring an additional 89 shares during the last quarter. FinTrust Capital Advisors LLC raised its position in shares of Broadcom by 6.1% during the 3rd quarter. FinTrust Capital Advisors LLC now owns 2,801 shares of the semiconductor manufacturer’s stock worth $2,327,000 after acquiring an additional 161 shares in the last quarter. Finally, Raymond James & Associates raised its position in shares of Broadcom by 0.5% during the 3rd quarter. Raymond James & Associates now owns 1,345,911 shares of the semiconductor manufacturer’s stock worth $1,117,887,000 after acquiring an additional 6,517 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of several recent analyst reports. Cantor Fitzgerald increased their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Susquehanna increased their target price on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. UBS Group boosted their price target on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Oppenheimer reaffirmed an “outperform” rating and set a $1,500.00 price objective (up previously from $1,100.00) on shares of Broadcom in a report on Friday, March 1st. Finally, Evercore ISI initiated coverage on Broadcom in a report on Tuesday, April 16th. They issued an “outperform” rating and a $1,620.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,285.41.

Insider Activity

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the sale, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the completion of the sale, the insider now directly owns 46,974 shares in the company, valued at approximately $61,957,296.78. The disclosure for this sale can be found here. Insiders sold 29,920 shares of company stock worth $40,306,667 in the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

NASDAQ:AVGO traded down $42.43 during mid-day trading on Wednesday, reaching $1,257.84. The stock had a trading volume of 920,510 shares, compared to its average volume of 2,881,930. Broadcom Inc. has a twelve month low of $601.29 and a twelve month high of $1,438.17. The business has a 50 day simple moving average of $1,310.04 and a 200 day simple moving average of $1,143.82. The firm has a market capitalization of $582.91 billion, a price-to-earnings ratio of 47.07, a PEG ratio of 2.72 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating 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 business had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same period last year, the firm earned $9.83 EPS. The company’s quarterly revenue was up 34.2% compared to the same quarter last year. On average, analysts expect that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a dividend of $5.25 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.67%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

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.