Heritage Wealth Management LLC Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Heritage Wealth Management LLC acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,141 shares of the semiconductor manufacturer’s stock, valued at approximately $2,390,000. Broadcom comprises approximately 1.3% of Heritage Wealth Management LLC’s holdings, making the stock its 13th largest position.

Other large investors also recently modified their holdings of the company. Robertson Stephens Wealth Management LLC grew its position in shares of Broadcom by 22.1% during the fourth quarter. Robertson Stephens Wealth Management LLC now owns 1,802 shares of the semiconductor manufacturer’s stock worth $2,011,000 after buying an additional 326 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC grew its holdings in Broadcom by 2.8% during the 4th quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 3,538 shares of the semiconductor manufacturer’s stock worth $3,950,000 after acquiring an additional 95 shares in the last quarter. First Trust Direct Indexing L.P. increased its position in shares of Broadcom by 25.2% in the 4th quarter. First Trust Direct Indexing L.P. now owns 9,677 shares of the semiconductor manufacturer’s stock worth $10,802,000 after purchasing an additional 1,948 shares during the last quarter. Summit Financial LLC raised its stake in shares of Broadcom by 4.0% in the 4th quarter. Summit Financial LLC now owns 8,687 shares of the semiconductor manufacturer’s stock valued at $9,696,000 after purchasing an additional 336 shares in the last quarter. Finally, RB Capital Management LLC lifted its position in shares of Broadcom by 2.3% during the fourth quarter. RB Capital Management LLC now owns 2,964 shares of the semiconductor manufacturer’s stock worth $3,308,000 after purchasing an additional 68 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AVGO. TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. UBS Group upped their price target on Broadcom to $1,480.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Rosenblatt Securities reissued a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a report on Thursday, March 21st. Finally, Barclays raised their target price on shares of Broadcom from $1,405.00 to $1,500.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,285.41.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the completion of the sale, the insider now directly owns 41,974 shares in the company, valued at $55,257,092.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Justine Page sold 110 shares of Broadcom stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the transaction, the director now owns 3,125 shares in the company, valued at $4,134,375. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the sale, the insider now directly owns 41,974 shares of the company’s stock, valued at $55,257,092.04. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock worth $40,306,667 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Price Performance

Shares of AVGO stock traded down $2.32 during mid-day trading on Thursday, hitting $1,240.54. 746,875 shares of the stock traded hands, compared to its average volume of 2,883,265. Broadcom Inc. has a twelve month low of $601.29 and a twelve month high of $1,438.17. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The company’s 50-day simple moving average is $1,310.35 and its 200-day simple moving average is $1,144.51. The firm has a market cap of $574.89 billion, a price-to-earnings ratio of 45.70, a price-to-earnings-growth ratio of 2.65 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same quarter last year, the business posted $9.83 earnings per share. The company’s quarterly revenue was up 34.2% on a year-over-year basis. As a group, equities research analysts expect that Broadcom Inc. will post 35.96 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a dividend yield of 1.69%. Broadcom’s dividend payout ratio is currently 77.84%.

Broadcom 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.