West Coast Financial LLC Purchases 2,172 Shares of Broadcom Inc. (NASDAQ:AVGO)

12 Oct 2024, 16:05 by Danessa Lincoln · The Markets Daily

West Coast Financial LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 905.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,412 shares of the semiconductor manufacturer’s stock after buying an additional 2,172 shares during the quarter. West Coast Financial LLC’s holdings in Broadcom were worth $416,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. AXA S.A. raised its holdings in shares of Broadcom by 2.7% in the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after purchasing an additional 7,608 shares during the last quarter. MRA Advisory Group raised its position in shares of Broadcom by 954.1% in the third quarter. MRA Advisory Group now owns 9,455 shares of the semiconductor manufacturer’s stock valued at $1,631,000 after purchasing an additional 8,558 shares during the period. Ensign Peak Advisors Inc grew its stake in Broadcom by 19.1% during the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after buying an additional 84,196 shares in the last quarter. Red Spruce Capital LLC grew its stake in Broadcom by 854.9% during the third quarter. Red Spruce Capital LLC now owns 32,915 shares of the semiconductor manufacturer’s stock worth $5,678,000 after buying an additional 29,468 shares in the last quarter. Finally, Shellback Capital LP acquired a new stake in Broadcom during the second quarter worth about $60,368,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 2.3 %

Shares of NASDAQ:AVGO opened at $181.48 on Friday. The business’s 50-day moving average is $162.91 and its 200 day moving average is $151.64. Broadcom Inc. has a 1 year low of $81.83 and a 1 year high of $186.42. The firm has a market capitalization of $847.62 billion, a P/E ratio of 157.67, 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.

Broadcom (NASDAQ:AVGO – Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating 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 business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the business earned $0.95 EPS. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. On average, research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.17%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 184.19%.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was 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 through the SEC website. In other news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was 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 approximately $217,594,136.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 18,900 shares of the company’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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 295,130 shares of company stock valued at $50,646,622 over the last quarter. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

AVGO has been the topic of a number of research analyst reports. Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Rosenblatt Securities lowered their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Benchmark reiterated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Finally, Morgan Stanley lifted their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Two 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 company. According to data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $190.29.

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