Axxcess Wealth Management LLC Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Axxcess Wealth Management LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 930.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 184,840 shares of the semiconductor manufacturer's stock after buying an additional 166,910 shares during the quarter. Broadcom makes up 0.8% of Axxcess Wealth Management LLC's holdings, making the stock its 25th biggest position. Axxcess Wealth Management LLC's holdings in Broadcom were worth $31,885,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Castleview Partners LLC raised its holdings in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after acquiring an additional 134 shares during the period. Delta Asset Management LLC TN grew its position in Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock worth $32,000 after buying an additional 17 shares in the last quarter. Tsfg LLC increased its stake in Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock worth $38,000 after acquiring an additional 204 shares during the period. Krane Funds Advisors LLC acquired a new position in Broadcom in the 3rd quarter valued at $42,000. Finally, Highline Wealth Partners LLC bought a new stake in shares of Broadcom during the 3rd quarter valued at $45,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Price Performance

Shares of AVGO stock traded down $3.20 on Thursday, reaching $170.38. The company's stock had a trading volume of 20,618,991 shares, compared to its average volume of 29,565,154. The company has a market capitalization of $795.77 billion, a P/E ratio of 150.74, a PEG ratio of 2.07 and a beta of 1.17. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The stock's 50 day simple moving average is $171.93 and its 200-day simple moving average is $158.86. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for 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%. Broadcom's quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the firm posted $0.95 earnings per share. As a group, equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a $0.53 dividend. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.24%. Broadcom's payout ratio is presently 184.19%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AVGO. Mizuho upped their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a research report on Monday, October 14th. Benchmark reiterated a "buy" rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. UBS Group boosted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research report on Monday, November 4th. Morgan Stanley raised their target price on Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Finally, Cantor Fitzgerald upped their price objective on Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $192.79.

Insider Transactions at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now directly owns 34,750 shares of the company's stock, valued at $6,064,917.50. The trade was a 2.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 150,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. This represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by insiders.

Broadcom 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.