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

Trueblood Wealth Management LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, Holdings Channel reports. The institutional investor bought 576 shares of the semiconductor manufacturer’s stock, valued at approximately $643,000.

Other large investors have also made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Broadcom by 6.2% during the second quarter. BlackRock Inc. now owns 31,681,688 shares of the semiconductor manufacturer’s stock valued at $27,481,646,000 after buying an additional 1,836,795 shares during the last quarter. State Street Corp raised its holdings in shares of Broadcom by 1.9% during the second quarter. State Street Corp now owns 16,941,449 shares of the semiconductor manufacturer’s stock valued at $14,695,521,000 after buying an additional 309,326 shares during the last quarter. Morgan Stanley increased its stake in shares of Broadcom by 12.5% during the fourth quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock valued at $3,287,056,000 after acquiring an additional 651,014 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Broadcom by 11.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock valued at $2,948,563,000 after acquiring an additional 488,405 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Broadcom by 2.1% during the third quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock valued at $3,866,684,000 after acquiring an additional 93,615 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research analyst reports. Mizuho raised their price objective on shares of Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. UBS Group lifted their price target on shares of Broadcom to $1,480.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $1,700.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Rosenblatt Securities reiterated a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Finally, TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Three analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,230.18.

Broadcom Price Performance

Shares of AVGO traded down $12.76 during mid-day trading on Wednesday, hitting $1,318.73. 2,498,436 shares of the company traded hands, compared to its average volume of 3,114,785. Broadcom Inc. has a one year low of $601.29 and a one year high of $1,438.17. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The business has a 50-day moving average of $1,267.55 and a 200 day moving average of $1,061.46. The stock has a market capitalization of $611.13 billion, a price-to-earnings ratio of 48.60, a PEG ratio of 2.85 and a beta of 1.26.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. During the same period last year, the business posted $9.83 earnings per share. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. As a group, equities analysts expect that Broadcom Inc. will post 36.8 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be issued a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Wednesday, March 20th. Broadcom’s payout ratio is 77.84%.

Insider Buying and Selling

In other news, CFO Kirsten M. Spears sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the completion of the transaction, the chief financial officer now directly owns 26,880 shares in the company, valued at approximately $28,039,603.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the transaction, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Kirsten M. Spears sold 2,500 shares of the stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the completion of the sale, the chief financial officer now owns 26,880 shares of the company’s stock, valued at approximately $28,039,603.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,810 shares of company stock valued at $26,107,692. Company insiders own 2.00% of the company’s stock.

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.