Precedent Wealth Partners LLC Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Precedent Wealth Partners LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,449 shares of the semiconductor manufacturer’s stock after purchasing an additional 208 shares during the quarter. Broadcom makes up approximately 1.3% of Precedent Wealth Partners LLC’s holdings, making the stock its 20th largest holding. Precedent Wealth Partners LLC’s holdings in Broadcom were worth $4,045,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Castleview Partners LLC lifted its holdings in Broadcom by 1,030.8% in the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 134 shares during the period. Pin Oak Investment Advisors Inc. lifted its position in Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 135 shares during the period. JDM Financial Group LLC boosted its holdings in shares of Broadcom by 1,323.1% during the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 172 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Broadcom in the 4th quarter worth about $37,000. Finally, Tsfg LLC increased its stake in shares of Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after acquiring an additional 204 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on AVGO shares. Piper Sandler boosted their price target on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Mizuho increased their price objective on shares of Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Citigroup lifted their target price on shares of Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. TD Cowen upped their price objective on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Evercore ISI boosted their price target on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $225.04.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 20,168 shares of the company’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total value of $4,815,916.72. Following the transaction, the insider now owns 321,660 shares of the company’s stock, valued at $76,809,191.40. This represents a 5.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 45,000 shares of the business’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the sale, the chief executive officer now directly owns 842,836 shares of the company’s stock, valued at $202,246,926.56. This represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 191,278 shares of company stock worth $44,964,800. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of Broadcom stock opened at $207.55 on Wednesday. The company has a market capitalization of $972.85 billion, a price-to-earnings ratio of 169.29, a PEG ratio of 2.52 and a beta of 1.03. The stock’s 50-day simple moving average is $209.53 and its 200-day simple moving average is $180.81. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 52 week low of $117.43 and a 52 week high of $251.88.

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

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a dividend of $0.59 per share. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.14%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 192.50%.

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.