Prosperity Wealth Management Inc. Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Prosperity Wealth Management Inc. bought a new position in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 273 shares of the semiconductor manufacturer’s stock, valued at approximately $305,000.

Several other hedge funds and other institutional investors have also modified their holdings of AVGO. Cantor Fitzgerald Investment Advisor L.P boosted its position in Broadcom by 94.4% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock valued at $47,283,000 after buying an additional 36,458 shares in the last quarter. Fairfield Bush & CO. grew its position in Broadcom by 2.6% during the 1st quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock worth $3,114,000 after acquiring an additional 123 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Broadcom by 20.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock worth $320,887,000 after acquiring an additional 87,945 shares during the last quarter. Loomis Sayles & Co. L P increased its holdings in Broadcom by 1.1% during the 1st quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock valued at $25,412,000 after purchasing an additional 420 shares in the last quarter. Finally, Ergoteles LLC bought a new position in Broadcom in the 1st quarter valued at $1,095,000. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a report on Monday, April 8th. Evercore ISI began coverage on shares of Broadcom in a research report on Tuesday. They issued an “outperform” rating and a $1,620.00 price objective for the company. Benchmark reissued a “buy” rating and set a $1,720.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Rosenblatt Securities reissued a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Finally, TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,281.09.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the sale, the insider now directly owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the transaction, the insider now directly owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares in the company, valued at approximately $62,465.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

AVGO stock traded down $23.91 during trading on Wednesday, hitting $1,305.15. 625,878 shares of the company traded hands, compared to its average volume of 2,928,528. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. The stock’s 50-day simple moving average is $1,306.49 and its 200 day simple moving average is $1,114.01. Broadcom Inc. has a 1 year low of $601.29 and a 1 year high of $1,438.17. The company has a market cap of $604.83 billion, a PE ratio of 48.70, a P/E/G ratio of 2.67 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping the consensus estimate of $8.95 by $2.04. The company had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. Broadcom’s quarterly revenue was up 34.2% on a year-over-year basis. During the same period in the previous year, the business earned $9.83 EPS. On average, equities analysts expect that Broadcom Inc. will post 35.95 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were issued a $5.25 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.61%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Broadcom 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.