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Northcape Wealth Management LLC Has $251,000 Holdings in Broadcom Inc. (NASDAQ:AVGO)

Financial News Live · Feb 1, 2023 13:32

Northcape Wealth Management LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 10.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 566 shares of the semiconductor manufacturer's stock after purchasing an additional 53 shares during the quarter. Northcape Wealth Management LLC's holdings in Broadcom were worth $251,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in AVGO. Shelton Wealth Management LLC lifted its holdings in Broadcom by 2.1% in the second quarter. Shelton Wealth Management LLC now owns 942 shares of the semiconductor manufacturer's stock valued at $458,000 after acquiring an additional 19 shares during the period. Carret Asset Management LLC lifted its holdings in Broadcom by 0.7% in the second quarter. Carret Asset Management LLC now owns 2,907 shares of the semiconductor manufacturer's stock valued at $1,412,000 after acquiring an additional 19 shares during the period. Institute for Wealth Management LLC. lifted its holdings in Broadcom by 0.8% in the second quarter. Institute for Wealth Management LLC. now owns 2,535 shares of the semiconductor manufacturer's stock valued at $1,231,000 after acquiring an additional 20 shares during the period. Orion Portfolio Solutions LLC lifted its holdings in Broadcom by 0.9% in the first quarter. Orion Portfolio Solutions LLC now owns 2,290 shares of the semiconductor manufacturer's stock valued at $1,442,000 after acquiring an additional 21 shares during the period. Finally, Stiles Financial Services Inc raised its stake in shares of Broadcom by 4.5% in the second quarter. Stiles Financial Services Inc now owns 492 shares of the semiconductor manufacturer's stock worth $239,000 after buying an additional 21 shares during the period. Institutional investors and hedge funds own 81.28% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research firms have recently commented on AVGO. Bank of America raised their price objective on Broadcom from $625.00 to $650.00 in a research note on Friday, December 9th. Cowen raised their price objective on Broadcom from $540.00 to $555.00 in a research note on Friday, December 9th. Cowen raised their price objective on Broadcom from $540.00 to $555.00 and gave the stock a "market perform" rating in a research note on Friday, December 9th. StockNews.com raised Broadcom from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, October 5th. Finally, Susquehanna Bancshares decreased their price objective on Broadcom from $680.00 to $650.00 and set a "positive" rating on the stock in a research note on Monday, December 5th. Two analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $667.21.

Insider Activity

In other news, Director Justine Page sold 170 shares of the firm's stock in a transaction that occurred on Tuesday, December 13th. The stock was sold at an average price of $574.86, for a total value of $97,726.20. Following the completion of the sale, the director now directly owns 2,981 shares of the company's stock, valued at approximately $1,713,657.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.30% of the company's stock.

Broadcom Stock Performance

NASDAQ AVGO opened at $585.01 on Wednesday. The stock has a market capitalization of $244.47 billion, a PE ratio of 22.08, a P/E/G ratio of 1.22 and a beta of 1.08. The business has a 50 day simple moving average of $559.21 and a two-hundred day simple moving average of $518.97. The company has a debt-to-equity ratio of 1.72, a current ratio of 2.62 and a quick ratio of 2.35. Broadcom Inc. has a 1-year low of $415.07 and a 1-year high of $645.31.

Broadcom (NASDAQ:AVGO – Get Rating) last released its quarterly earnings results on Thursday, December 8th. The semiconductor manufacturer reported $9.75 earnings per share for the quarter, beating the consensus estimate of $9.50 by $0.25. The business had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.90 billion. Broadcom had a return on equity of 70.00% and a net margin of 34.62%. The firm's revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter last year, the business posted $7.01 EPS. On average, research analysts predict that Broadcom Inc. will post 37.28 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 30th. Stockholders of record on Tuesday, December 20th were paid a $4.60 dividend. This represents a $18.40 annualized dividend and a dividend yield of 3.15%. This is a positive change from Broadcom's previous quarterly dividend of $4.10. The ex-dividend date of this dividend was Monday, December 19th. Broadcom's dividend payout ratio (DPR) is presently 69.43%.

Broadcom Profile

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Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.