8,842 Broadcom Inc. $AVGO Shares Purchased by Partners Wealth Management LLC

Key Points

• Partners Wealth Management increased its Broadcom position by 759% in the third quarter, purchasing 8,842 additional shares for a total holding valued at approximately $3.5 million. Institutional investors collectively own 76.43% of Broadcom’s stock.
• Analyst sentiment remains favorable: Broadcom has a consensus rating of “Moderate Buy” and an average price target of $530.52, with several firms recently upgrading the stock or initiating buy ratings.
• Broadcom reported quarterly revenue of $29.59 billion, up 85.5% year over year, and EPS of $3.32, exceeding estimates. The company also pays a quarterly dividend of $0.65 per share, equivalent to a 0.8% annual yield.

Partners Wealth Management LLC raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 759.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,007 shares of the semiconductor manufacturer's stock after purchasing 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 quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cornerstone Advisors LLC bought a new position in shares of Broadcom in the 2nd quarter worth about $92,522,000. GAMMA Investing LLC boosted its holdings in shares of Broadcom by 8.8% in the 3rd quarter. GAMMA Investing LLC now owns 164,015 shares of the semiconductor manufacturer's stock valued at $55,889,000 after buying an additional 13,317 shares during the period. ANB Bank bought a new stake in shares of Broadcom during the 3rd quarter valued at about $1,181,000. Bank of America Corp DE grew its position in shares of Broadcom by 1.5% during the 1st quarter. Bank of America Corp DE now owns 58,737,097 shares of the semiconductor manufacturer's stock valued at $18,179,719,000 after buying an additional 894,564 shares during the last quarter. Finally, Clear Harbor Asset Management LLC acquired a new stake in Broadcom during the second quarter worth about $3,302,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Sanford C. Bernstein reiterated a "buy" rating on shares of Broadcom in a research report on Monday, September 21st. DA Davidson upgraded Broadcom from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $350.00 to $400.00 in a research report on Tuesday, October 27th. HC Wainwright began coverage on Broadcom in a research note on Tuesday, October 27th. They set a "buy" rating for the company. Citic Securities upgraded Broadcom to a "buy" rating and upped their price objective for the stock from $450.00 to $525.00 in a research note on Tuesday, September 8th. Finally, Evercore set a $578.00 target price on Broadcom and gave the stock an "outperform" rating in a research report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $530.52.

Broadcom Stock Performance

Shares of AVGO stock opened at $322.23 on Tuesday. Broadcom Inc. has a 12-month low of $289.96 and a 12-month high of $495.00. The firm has a market capitalization of $1.54 trillion, a price-to-earnings ratio of 41.15 and a beta of 1.46. The business has a 50 day simple moving average of $351.88 and a 200 day simple moving average of $366.79. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, beating 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 firm had revenue of $29.59 billion for the quarter, compared to the consensus estimate of $29.24 billion. During the same quarter in the previous year, the business earned $1.69 EPS. The firm's revenue for the quarter was up 85.5% on a year-over-year basis. On average, equities research analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current year.

Broadcom Dividend Announcement

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

Broadcom Profile

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.

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