Rockport Wealth LLC Buys Shares of 4,017 Broadcom Inc. $AVGO

Rockport Wealth LLC purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,017 shares of the semiconductor manufacturer’s stock, valued at approximately $1,107,000.

A number of other institutional investors have also modified their holdings of the company. Assetmark Inc. lifted its stake in shares of Broadcom by 2.4% during the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after purchasing an additional 39,466 shares in the last quarter. Capital Counsel LLC NY purchased a new stake in shares of Broadcom during the 2nd quarter valued at about $221,000. Waterloo Capital L.P. lifted its position in Broadcom by 7.0% during the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after acquiring an additional 3,180 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in Broadcom by 27.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock worth $10,737,000 after acquiring an additional 13,978 shares during the period. Finally, RiverFront Investment Group LLC grew its position in Broadcom by 107.6% in the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock valued at $4,555,000 after acquiring an additional 8,566 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Up 2.4%

NASDAQ:AVGO opened at $390.24 on Friday. The company has a market cap of $1.84 trillion, a PE ratio of 99.55, a P/E/G ratio of 1.33 and a beta of 1.19. The business’s 50 day moving average is $356.79 and its two-hundred day moving average is $312.12. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $403.00.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.03. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.The business had revenue of $15.95 billion for the quarter, compared to analyst estimates of $15.82 billion. During the same period in the prior year, the company posted $1.24 EPS. The business’s revenue was up 22.0% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Insider Activity

In other news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $331.14, for a total value of $264,912.00. Following the completion of the transaction, the director directly owned 21,382 shares of the company’s stock, valued at approximately $7,080,435.48. The trade was a 3.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Henry Samueli sold 368,797 shares of the stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the sale, the director owned 37,722,534 shares in the company, valued at approximately $12,746,821,463.94. This trade represents a 0.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have purchased 3,550 shares of company stock valued at $1,227,869 and have sold 665,271 shares valued at $225,483,192. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on AVGO shares. Argus boosted their target price on shares of Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Wall Street Zen lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Sunday, November 23rd. Morgan Stanley restated an “overweight” rating and set a $443.00 target price (up from $409.00) on shares of Broadcom in a research note on Monday, December 1st. Bank of America boosted their price target on Broadcom from $400.00 to $460.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Finally, Oppenheimer reissued an “outperform” rating and issued a $435.00 price target (up previously from $400.00) on shares of Broadcom in a report on Friday. Three analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Buy” and an average price target of $391.04.

About Broadcom

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.