Prosperity Wealth Management Inc. Buys 147 Shares of Broadcom Inc. (NASDAQ:AVGO)

Prosperity Wealth Management Inc. boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 6.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 2,544 shares of the semiconductor manufacturer’s stock after purchasing an additional 147 shares during the quarter. Prosperity Wealth Management Inc.’s holdings in Broadcom were worth $590,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Canton Hathaway LLC purchased a new stake in shares of Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the 4th quarter worth approximately $26,000. Bellevue Asset Management LLC bought a new position in Broadcom in the 4th quarter valued at $33,000. Pin Oak Investment Advisors Inc. boosted its holdings in Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares during the period. Finally, Synergy Investment Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth $35,000. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 40,000 shares of Broadcom stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total value of $9,279,200.00. Following the transaction, the insider now directly owns 696,730 shares in the company, valued at $161,627,425.40. The trade was a 5.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Check Kian Low sold 48,000 shares of Broadcom stock in a transaction on Monday, January 6th. The shares were sold at an average price of $235.35, for a total value of $11,296,800.00. Following the transaction, the director now owns 113,050 shares in the company, valued at $26,606,317.50. This represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 191,278 shares of company stock valued at $44,964,800. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. KeyCorp lifted their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Jefferies Financial Group upped their price objective on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Benchmark reiterated a “buy” rating and set a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Bank of America increased their price target on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Stock Performance

NASDAQ:AVGO opened at $190.09 on Wednesday. The firm has a market cap of $893.79 billion, a price-to-earnings ratio of 155.05, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. The firm’s fifty day moving average price is $220.42 and its 200 day moving average price is $193.44. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter in the previous year, the company posted $0.98 EPS. The business’s revenue was up 51.2% on a year-over-year basis. On average, sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.24%. Broadcom’s payout ratio is 113.46%.

About Broadcom

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.