Partners Wealth Management LLC Buys 8,842 Shares of Broadcom Inc. $AVGO

Partners Wealth Management LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 759.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 10,007 shares of the semiconductor manufacturer’s stock after buying an additional 8,842 shares during the quarter. Partners Wealth Management LLC’s holdings in Broadcom were worth $3,514,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Cornerstone Advisors LLC acquired a new stake in Broadcom during the second quarter valued at approximately $92,522,000. GAMMA Investing LLC boosted its holdings in Broadcom by 8.8% during the third quarter. GAMMA Investing LLC now owns 164,015 shares of the semiconductor manufacturer’s stock worth $55,889,000 after buying an additional 13,317 shares in the last quarter. ANB Bank acquired a new position in Broadcom in the third quarter worth approximately $1,181,000. Bank of America Corp DE grew its position in Broadcom by 1.5% in the first quarter. Bank of America Corp DE now owns 58,737,097 shares of the semiconductor manufacturer’s stock worth $18,179,719,000 after buying an additional 894,564 shares during the last quarter. Finally, Clear Harbor Asset Management LLC bought a new position in shares of Broadcom in the second quarter valued at $3,302,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on AVGO shares. Oppenheimer began coverage on Broadcom in a research note on Tuesday, October 27th. They set a “buy” rating for the company. Wedbush assumed coverage on Broadcom in a research report on Tuesday, October 27th. They set an “outperform” rating on the stock. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Broadcom in a report on Thursday, September 3rd. Fox Advisors raised Broadcom to an “outperform” rating in a research note on Thursday, September 3rd. Finally, Citic Securities upgraded Broadcom to a “buy” rating and boosted their price objective for the stock from $450.00 to $525.00 in a report on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $530.52.

Broadcom Price Performance

AVGO opened at $322.23 on Tuesday. The stock has a fifty day moving average of $351.88 and a 200-day moving average of $366.79. The firm has a market capitalization of $1.54 trillion, a P/E ratio of 41.15 and a beta of 1.46. Broadcom Inc. has a 12-month low of $289.96 and a 12-month high of $495.00. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping the consensus estimate of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business had revenue of $29.59 billion during the quarter, compared to analysts’ expectations of $29.24 billion. During the same quarter last year, the firm posted $1.69 earnings per share. Broadcom’s revenue was up 85.5% compared to the same quarter last year. Equities analysts forecast that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were issued a $0.65 dividend. The ex-dividend date was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. Broadcom’s dividend payout ratio is currently 33.21%.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.