Integrated Wealth Concepts LLC Grows Holdings in Broadcom Inc. (NASDAQ:AVGO)

Integrated Wealth Concepts LLC lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 950.1% during the third quarter, Holdings Channel reports. The institutional investor owned 117,661 shares of the semiconductor manufacturer’s stock after acquiring an additional 106,456 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Broadcom were worth $20,297,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Indiana Trust & Investment Management CO raised its holdings in shares of Broadcom by 39.5% in the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock valued at $85,000 after acquiring an additional 15 shares in the last quarter. Kiely Wealth Advisory Group Inc. purchased a new position in Broadcom in the second quarter valued at about $128,000. Mark Sheptoff Financial Planning LLC purchased a new position in Broadcom in the second quarter valued at about $136,000. American Capital Advisory LLC purchased a new position in Broadcom in the second quarter valued at about $169,000. Finally, Semus Wealth Partners LLC purchased a new position in Broadcom in the second quarter valued at about $202,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm’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 completion of the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $167.63 on Tuesday. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The company has a market cap of $782.93 billion, a P/E ratio of 144.67, a PEG ratio of 1.91 and a beta of 1.13. The stock has a fifty day moving average price of $173.39 and a 200 day moving average price of $161.69. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.95 earnings per share. On average, research analysts forecast 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. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. Broadcom’s dividend payout ratio is currently 184.19%.

Analyst Ratings Changes

AVGO has been the topic of a number of research analyst reports. Morgan Stanley boosted their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Truist Financial boosted their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. UBS Group upped their target price on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Finally, TD Cowen raised Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $195.96.

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.