Aprio Wealth Management LLC Trims Position in Broadcom Inc. (NASDAQ:AVGO)

Aprio Wealth Management LLC cut its position in Broadcom Inc. (NASDAQ:AVGO) by 5.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 592 shares of the semiconductor manufacturer’s stock after selling 33 shares during the period. Aprio Wealth Management LLC’s holdings in Broadcom were worth $513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its holdings in shares of Broadcom by 756.5% in the first quarter. Envestnet Asset Management Inc. now owns 5,207,035 shares of the semiconductor manufacturer’s stock worth $404,363,000 after buying an additional 4,599,078 shares in the last quarter. Norges Bank bought a new stake in shares of Broadcom in the fourth quarter worth about $2,222,676,000. Moneta Group Investment Advisors LLC increased its holdings in shares of Broadcom by 122,794.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,667,161 shares of the semiconductor manufacturer’s stock worth $2,050,420,000 after purchasing an additional 3,664,177 shares during the last quarter. Providence Capital Advisors LLC increased its holdings in shares of Broadcom by 49,919.1% in the first quarter. Providence Capital Advisors LLC now owns 2,437,432 shares of the semiconductor manufacturer’s stock worth $3,799,000 after purchasing an additional 2,432,559 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Broadcom by 33.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,552,519 shares of the semiconductor manufacturer’s stock worth $2,545,450,000 after purchasing an additional 1,132,038 shares during the last quarter. 78.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AVGO has been the topic of several research reports. StockNews.com raised Broadcom from a “hold” rating to a “buy” rating in a report on Wednesday, August 16th. TD Cowen raised their target price on shares of Broadcom from $800.00 to $900.00 and gave the company a “market perform” rating in a report on Friday, September 1st. Wells Fargo & Company raised their target price on shares of Broadcom from $800.00 to $900.00 and gave the company an “equal weight” rating in a report on Friday, September 1st. Benchmark reaffirmed a “buy” rating and issued a $950.00 price target on shares of Broadcom in a report on Friday, September 1st. Finally, Mizuho increased their price target on shares of Broadcom from $840.00 to $960.00 in a report on Friday, September 1st. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $846.14.

Insider Activity

In other news, Director Eddy W. Hartenstein sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total value of $1,283,520.00. Following the sale, the director now directly owns 9,123 shares in the company, valued at approximately $7,806,368.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Eddy W. Hartenstein sold 1,500 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the completion of the sale, the director now owns 9,123 shares in the company, valued at approximately $7,806,368.64. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Check Kian Low acquired 11,000 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The shares were acquired at an average price of $872.03 per share, with a total value of $9,592,330.00. Following the acquisition, the director now owns 15,951 shares in the company, valued at approximately $13,909,750.53. The disclosure for this purchase can be found here. Company insiders own 2.20% of the company’s stock.

Broadcom Stock Down 0.3 %

Shares of NASDAQ:AVGO traded down $2.82 during trading hours on Tuesday, hitting $847.18. The company’s stock had a trading volume of 697,909 shares, compared to its average volume of 2,496,104. Broadcom Inc. has a 52 week low of $415.07 and a 52 week high of $923.67. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.50 and a quick ratio of 2.25. The company has a market capitalization of $349.67 billion, a price-to-earnings ratio of 26.14, a P/E/G ratio of 1.78 and a beta of 1.10. The firm’s fifty day moving average price is $875.05 and its 200 day moving average price is $763.54.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, beating the consensus estimate of $10.43 by $0.11. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The business had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.85 billion. During the same quarter in the previous year, the business posted $9.07 EPS. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. As a group, research analysts expect that Broadcom Inc. will post 37.88 EPS for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, September 21st will be issued a $4.60 dividend. The ex-dividend date of this dividend is Wednesday, September 20th. This represents a $18.40 dividend on an annualized basis and a dividend yield of 2.17%. Broadcom’s dividend payout ratio is presently 56.58%.

About Broadcom

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.