Concentric Wealth Management LLC Has $6.79 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Concentric Wealth Management LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 887.0% during the 3rd quarter, Holdings Channel reports. The firm owned 39,380 shares of the semiconductor manufacturer’s stock after buying an additional 35,390 shares during the period. Broadcom comprises about 1.7% of Concentric Wealth Management LLC’s investment portfolio, making the stock its 18th biggest position. Concentric Wealth Management LLC’s holdings in Broadcom were worth $6,793,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Lion Street Advisors LLC grew its stake in Broadcom by 1.9% in the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock valued at $520,000 after buying an additional 6 shares during the last quarter. Optimum Investment Advisors lifted its position in Broadcom by 0.6% during the second quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock worth $2,262,000 after acquiring an additional 8 shares during the last quarter. Anderson Hoagland & Co. boosted its holdings in shares of Broadcom by 0.3% during the second quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer’s stock worth $4,623,000 after acquiring an additional 9 shares during the period. Wealth Group Ltd grew its position in shares of Broadcom by 6.0% in the second quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock valued at $283,000 after purchasing an additional 10 shares during the last quarter. Finally, Canandaigua National Bank & Trust Co. increased its stake in shares of Broadcom by 1.4% during the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer’s stock worth $1,161,000 after purchasing an additional 10 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $164.74 on Wednesday. The stock has a market cap of $769.43 billion, a price-to-earnings ratio of 143.13, a P/E/G ratio of 1.93 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 $173.76 and a 200 day simple moving average of $161.09. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its quarterly 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 net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the prior year, the business earned $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. 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. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Analyst Ratings Changes

Several analysts recently issued reports on AVGO shares. The Goldman Sachs Group boosted their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. UBS Group raised their price target on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Cantor Fitzgerald boosted their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Finally, TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $195.96.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the transaction, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. The trade was a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. The trade was a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

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.