Marcum Wealth LLC Purchases 59 Shares of Broadcom Inc. (NASDAQ:AVGO)

Marcum Wealth LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 2.1% in the second quarter, HoldingsChannel.com reports. The fund owned 2,837 shares of the semiconductor manufacturer’s stock after buying an additional 59 shares during the quarter. Marcum Wealth LLC’s holdings in Broadcom were worth $1,353,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of AVGO. Capital International Investors raised its position in Broadcom by 0.8% in the 1st quarter. Capital International Investors now owns 33,235,928 shares of the semiconductor manufacturer’s stock worth $15,408,693,000 after purchasing an additional 278,096 shares during the last quarter. BlackRock Inc. raised its position in Broadcom by 4.8% in the 1st quarter. BlackRock Inc. now owns 27,270,770 shares of the semiconductor manufacturer’s stock worth $12,644,366,000 after purchasing an additional 1,254,432 shares during the last quarter. Geode Capital Management LLC raised its position in Broadcom by 4.0% in the 1st quarter. Geode Capital Management LLC now owns 6,271,223 shares of the semiconductor manufacturer’s stock worth $2,899,533,000 after purchasing an additional 240,694 shares during the last quarter. Northern Trust Corp raised its position in Broadcom by 0.6% in the 1st quarter. Northern Trust Corp now owns 4,758,608 shares of the semiconductor manufacturer’s stock worth $2,206,377,000 after purchasing an additional 30,556 shares during the last quarter. Finally, Morgan Stanley raised its position in Broadcom by 13.6% in the 1st quarter. Morgan Stanley now owns 3,339,683 shares of the semiconductor manufacturer’s stock worth $1,548,477,000 after purchasing an additional 400,046 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

NASDAQ AVGO traded down $0.20 on Wednesday, reaching $501.67. The company had a trading volume of 15,796 shares, compared to its average volume of 1,834,716. The firm has a market capitalization of $206.50 billion, a price-to-earnings ratio of 37.23, a price-to-earnings-growth ratio of 1.36 and a beta of 0.93. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.23 and a current ratio of 2.41. Broadcom Inc. has a 1-year low of $343.48 and a 1-year high of $507.85. The company’s fifty day moving average is $484.42 and its 200-day moving average is $470.98.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, September 1st. The semiconductor manufacturer reported $6.96 EPS for the quarter, topping the consensus estimate of $6.88 by $0.08. Broadcom had a net margin of 22.90% and a return on equity of 44.27%. The firm had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.76 billion. During the same period in the previous year, the firm posted $5.40 EPS. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. On average, research analysts forecast that Broadcom Inc. will post 24.42 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Wednesday, September 22nd will be given a dividend of $3.60 per share. The ex-dividend date of this dividend is Tuesday, September 21st. This represents a $14.40 annualized dividend and a yield of 2.87%. Broadcom’s dividend payout ratio (DPR) is presently 78.05%.

AVGO has been the subject of several research analyst reports. Oppenheimer restated a “buy” rating and issued a $575.00 price objective on shares of Broadcom in a research report on Thursday, May 27th. Summit Redstone lowered shares of Broadcom to a “hold” rating in a report on Friday, September 3rd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Broadcom from $525.00 to $560.00 and gave the stock a “buy” rating in a report on Friday, September 3rd. Rosenblatt Securities lifted their target price on shares of Broadcom from $550.00 to $600.00 and gave the stock a “buy” rating in a report on Friday, September 3rd. Finally, Morgan Stanley lifted their target price on shares of Broadcom from $555.00 to $572.00 and gave the stock an “overweight” rating in a report on Friday, September 3rd. Five analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $549.52.

In other news, Director Eddy W. Hartenstein sold 4,811 shares of the company’s stock in a transaction dated Friday, September 10th. The shares were sold at an average price of $499.12, for a total value of $2,401,266.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Charlie B. Kawwas sold 3,000 shares of the company’s stock in a transaction dated Friday, September 10th. The shares were sold at an average price of $500.83, for a total transaction of $1,502,490.00. The disclosure for this sale can be found here. Insiders have sold a total of 17,264 shares of company stock worth $8,652,754 over the last three months. Insiders own 2.40% of the company’s stock.

About Broadcom

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

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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