Hemington Wealth Management Purchases 381 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hemington Wealth Management increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,575 shares of the semiconductor manufacturer’s stock after acquiring an additional 381 shares during the period. Hemington Wealth Management’s holdings in Broadcom were worth $828,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp increased its holdings in shares of Broadcom by 948.5% in the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock worth $31,814,902,000 after purchasing an additional 166,844,263 shares during the period. Geode Capital Management LLC increased its stake in Broadcom by 976.6% in the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after acquiring an additional 89,975,941 shares during the last quarter. FMR LLC raised its holdings in shares of Broadcom by 1,121.3% in the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after acquiring an additional 82,998,328 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after acquiring an additional 32,178,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Broadcom by 975.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after purchasing an additional 30,674,902 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the transaction, the director now directly owns 46,400 shares of the company’s stock, valued at $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 20,168 shares of Broadcom stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total value of $4,815,916.72. Following the completion of the sale, the insider now owns 321,660 shares of the company’s stock, valued at $76,809,191.40. The trade was a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock worth $44,964,800 over the last 90 days. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

AVGO has been the subject of a number of research analyst reports. Benchmark reaffirmed a “buy” rating and set a $255.00 price objective (up from $210.00) on shares of Broadcom in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft upped their price objective on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Evercore ISI raised their price objective on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Bank of America upped their target price on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Truist Financial lifted their price target on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $225.04.

Broadcom Stock Performance

Broadcom stock opened at $233.04 on Friday. The stock’s 50 day moving average is $226.16 and its 200 day moving average is $187.02. The company has a market capitalization of $1.09 trillion, a P/E ratio of 190.08, a PEG ratio of 2.42 and a beta of 1.02. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s quarterly revenue was up 51.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 earnings per share. On average, equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a $0.59 dividend. The ex-dividend date was Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 1.01%. Broadcom’s payout ratio is 192.50%.

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.