Broadcom Inc. $AVGO Shares Newly Acquired by Bosman Wealth Management LLC

Key Points

• Bosman Wealth Management acquired 7,041 Broadcom shares in the third quarter, valued at approximately $2.47 million and representing 1.5% of its portfolio. Institutional investors collectively own 76.43% of Broadcom.
• Broadcom reported quarterly revenue of $29.59 billion, up 85.5% year over year, and earnings per share of $3.32, exceeding analyst expectations.
• Shares opened at $322.23, while analysts maintain a consensus “Moderate Buy” rating with a target price of $530.52; the company also pays a quarterly dividend of $0.65 per share.

Bosman Wealth Management LLC purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,041 shares of the semiconductor manufacturer's stock, valued at approximately $2,473,000. Broadcom comprises 1.5% of Bosman Wealth Management LLC's investment portfolio, making the stock its 20th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Cornerstone Advisors LLC purchased a new stake in shares of Broadcom during the 2nd quarter valued at $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 worth $55,889,000 after buying an additional 13,317 shares during the last quarter. ANB Bank purchased a new position in shares of Broadcom in the 3rd quarter worth about $1,181,000. Bank of America Corp DE boosted its holdings in shares of Broadcom by 1.5% in the 1st 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 Broadcom during the second quarter valued at about $3,302,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Down 1.2%

Shares of NASDAQ AVGO opened at $322.23 on Tuesday. Broadcom Inc. has a 52 week low of $289.96 and a 52 week high of $495.00. The business has a 50-day simple moving average of $351.88 and a two-hundred day simple moving average of $366.79. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. The company has a market cap of $1.54 trillion, a P/E ratio of 41.15 and a beta of 1.46.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $29.24 billion. During the same quarter in the previous year, the firm earned $1.69 EPS. The company's quarterly revenue was up 85.5% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc. will post 10.37 earnings per share 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 paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 annualized dividend and a yield of 0.8%. Broadcom's payout ratio is currently 33.21%.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research reports. Wedbush began coverage on shares of Broadcom in a research report on Tuesday, October 27th. They issued an "outperform" rating on the stock. KeyCorp reissued an "overweight" rating and set a $575.00 target price on shares of Broadcom in a research report on Thursday, September 3rd. UBS Group lowered shares of Broadcom from a "hold" rating to a "neutral" rating in a research note on Tuesday, October 27th. Weiss Ratings upgraded shares of Broadcom from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Finally, Oppenheimer started coverage on shares of Broadcom in a report on Tuesday, October 27th. They issued a "buy" rating on the stock. One equities 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 company. According to MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $530.52.

Broadcom Company 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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