Legacy Wealth Management LLC MS Has $1.65 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Legacy Wealth Management LLC MS lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,021.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,573 shares of the semiconductor manufacturer’s stock after acquiring an additional 8,719 shares during the period. Legacy Wealth Management LLC MS’s holdings in Broadcom were worth $1,651,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. 1ST Source Bank raised its holdings in Broadcom by 869.0% during the third quarter. 1ST Source Bank now owns 32,489 shares of the semiconductor manufacturer’s stock worth $5,604,000 after buying an additional 29,136 shares during the last quarter. Alternative Investment Advisors LLC. raised its holdings in Broadcom by 376.4% during the third quarter. Alternative Investment Advisors LLC. now owns 9,367 shares of the semiconductor manufacturer’s stock worth $1,616,000 after buying an additional 7,401 shares during the last quarter. DGS Capital Management LLC raised its holdings in Broadcom by 1,094.7% during the third quarter. DGS Capital Management LLC now owns 8,363 shares of the semiconductor manufacturer’s stock worth $1,443,000 after buying an additional 7,663 shares during the last quarter. Copley Financial Group Inc. acquired a new position in Broadcom during the third quarter worth $379,000. Finally, Milestone Resources Group Ltd raised its holdings in Broadcom by 173,742.3% during the third quarter. Milestone Resources Group Ltd now owns 373,761 shares of the semiconductor manufacturer’s stock worth $64,474,000 after buying an additional 373,546 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the subject of several analyst reports. Bank of America increased their target price on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday. William Blair initiated coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. Cantor Fitzgerald increased their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. increased their target price on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, Piper Sandler increased their price target on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $215.96.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. This trade represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares in the company, valued at approximately $6,064,917.50. The trade was a 2.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 over the last ninety days. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Up 20.3 %

NASDAQ:AVGO traded up $36.71 during midday trading on Friday, reaching $217.37. 49,550,037 shares of the stock traded hands, compared to its average volume of 29,142,752. The company has a fifty day moving average of $173.65 and a 200 day moving average of $163.86. Broadcom Inc. has a 12 month low of $104.15 and a 12 month high of $221.65. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The stock has a market capitalization of $1.02 trillion, a P/E ratio of 190.81, a PEG ratio of 2.15 and a beta of 1.13.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same period in the prior year, the business posted $0.98 EPS. The firm’s revenue was up 51.2% compared to the same quarter last year. On average, research analysts predict that Broadcom Inc. will post 3.79 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.09%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 184.19%.

Broadcom Company Profile

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.