Circle Wealth Management LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

VaselineSeptember 23, 2024

0 4 minutes read

Circle Wealth Management LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 109.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,146 shares of the semiconductor maker’s stock after acquiring an additional 600 shares during the period. Circle Wealth Management LLC’s holdings in Broadcom were worth $1,840,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. Swedbank AB purchased a new stake in shares of Broadcom in the first quarter worth about $2,835,737,000. Vanguard Group Inc. raised its stake in Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor maker’s stock valued at $59,181,244,000 after buying an additional 1,303,462 shares during the period. Jennison Associates LLC raised its position in Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor maker’s stock worth $5,488,556,000 after purchasing an additional 1,263,957 shares in the last quarter. Capital International Investors boosted its stake in Broadcom by 4.5% in the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor maker’s stock worth $26,044,294,000 after acquiring an additional 1,006,223 shares during the period. Finally, GQG Partners LLC raised its holdings in shares of Broadcom by 48.9% in the 1st quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor maker’s stock valued at $3,966,730,000 after acquiring an additional 983,328 shares during the last quarter. 76.43% of the shares are held by hedge funds and other institutional investors.

Analysts on Wall Street are forecasting an increase

Several research analysts have recently issued reports on AVGO shares. UBS Group cut their price target on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a report on Monday, September 9th. Citigroup reissued a “buy” rating and set a $156.00 target price on shares of Broadcom in a research note on Tuesday, June 11th. Oppenheimer cut their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. Mizuho boosted their price objective on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, Goldman Sachs Group boosted their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23, according to MarketBeat.com.

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Broadcom trading rose 2.2%

Shares of Broadcom stock opened at $171.10 on Friday. The stock has a 50-day moving average price of $156.81 and a 200-day moving average price of $146.91. Broadcom Inc. it has a 52-week low of $79.51 and a 52-week high of $185.16. The stock has a market cap of $796.45 billion, a PE ratio of 7.36, a P/E/G ratio of 2.55 and a beta of 1.16. The company has a current ratio of 1.04, a quick ratio of 0.94, and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO – Get Free Report ) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor maker reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. In the same period last year, the firm posted earnings of $0.95 per share. Equities research analysts predict that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom raises dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a dividend of $0.53 per share. This represents a dividend of $2.12 on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend is Thursday, September 19. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 9.12%.

Insider Trading at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC’s website. In related news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The transaction was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s shares.

Broadcom profile

(Free Report)

Broadcom Inc designs, develops and supplies various semiconductor devices with a focus on complex and mixed-signal complementary metal oxide semiconductor devices and III-V analog products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.