Marcum Wealth LLC Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Marcum Wealth LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,837 shares of the semiconductor manufacturer’s stock after acquiring an additional 59 shares during the period. Marcum Wealth LLC’s holdings in Broadcom were worth $1,353,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Capital International Investors grew its position in Broadcom by 0.8% during the first quarter. Capital International Investors now owns 33,235,928 shares of the semiconductor manufacturer’s stock valued at $15,408,693,000 after acquiring an additional 278,096 shares during the period. BlackRock Inc. boosted its position in shares of Broadcom by 4.8% in the first quarter. BlackRock Inc. now owns 27,270,770 shares of the semiconductor manufacturer’s stock worth $12,644,366,000 after buying an additional 1,254,432 shares during the period. Geode Capital Management LLC boosted its position in shares of Broadcom by 4.0% in the first quarter. Geode Capital Management LLC now owns 6,271,223 shares of the semiconductor manufacturer’s stock worth $2,899,533,000 after buying an additional 240,694 shares during the period. Northern Trust Corp boosted its position in shares of Broadcom by 0.6% in the first quarter. Northern Trust Corp now owns 4,758,608 shares of the semiconductor manufacturer’s stock worth $2,206,377,000 after buying an additional 30,556 shares during the period. Finally, Morgan Stanley boosted its position in shares of Broadcom by 13.6% in the first quarter. Morgan Stanley now owns 3,339,683 shares of the semiconductor manufacturer’s stock worth $1,548,477,000 after buying an additional 400,046 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

Shares of Broadcom stock traded down $0.20 on Wednesday, reaching $501.67. 15,796 shares of the company were exchanged, compared to its average volume of 1,834,716. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.23 and a current ratio of 2.41. The company’s 50-day moving average is $484.42 and its two-hundred day moving average is $470.98. The firm has a market cap of $206.50 billion, a price-to-earnings ratio of 37.23, a P/E/G ratio of 1.36 and a beta of 0.93. Broadcom Inc. has a 1-year low of $343.48 and a 1-year high of $507.85.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Wednesday, September 1st. The semiconductor manufacturer reported $6.96 earnings per share for the quarter, topping analysts’ consensus estimates of $6.88 by $0.08. The business had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.76 billion. Broadcom had a return on equity of 44.27% and a net margin of 22.90%. The business’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the firm earned $5.40 EPS. As a group, sell-side analysts forecast that Broadcom Inc. will post 24.42 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Wednesday, September 22nd will be given a $3.60 dividend. This represents a $14.40 annualized dividend and a yield of 2.87%. The ex-dividend date is Tuesday, September 21st. Broadcom’s dividend payout ratio is currently 78.05%.

AVGO has been the subject of several analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $590.00 target price on shares of Broadcom in a research report on Friday, September 3rd. Evercore ISI reaffirmed a “buy” rating and issued a $550.00 target price on shares of Broadcom in a research report on Sunday, September 5th. KeyCorp upped their target price on Broadcom from $565.00 to $575.00 and gave the stock an “overweight” rating in a research report on Friday, September 3rd. increased their price target on Broadcom from $500.00 to $528.00 and gave the company a “buy” rating in a report on Friday, June 4th. Finally, Citigroup reissued a “buy” rating and issued a $585.00 price target (up previously from $528.00) on shares of Broadcom in a report on Friday, September 3rd. Five investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Buy” and a consensus target price of $549.52.

In related news, insider Mark David Brazeal sold 9,453 shares of the firm’s stock in a transaction that occurred on Friday, September 10th. The stock was sold at an average price of $502.38, for a total value of $4,748,998.14. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Eddy W. Hartenstein sold 4,811 shares of the stock in a transaction on Friday, September 10th. The shares were sold at an average price of $499.12, for a total value of $2,401,266.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,264 shares of company stock worth $8,652,754. 2.40% of the stock is owned by insiders.

Broadcom Company Profile

Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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