Morse Asset Management Inc Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Morse Asset Management Inc increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 897.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65,859 shares of the semiconductor manufacturer's stock after acquiring an additional 59,254 shares during the period. Broadcom comprises 2.5% of Morse Asset Management Inc's holdings, making the stock its 7th largest position. Morse Asset Management Inc's holdings in Broadcom were worth $11,361,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Lion Street Advisors LLC boosted its holdings in shares of Broadcom by 1.9% during the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer's stock worth $520,000 after buying an additional 6 shares during the period. Optimum Investment Advisors boosted its holdings in shares of Broadcom by 0.6% during the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer's stock worth $2,262,000 after buying an additional 8 shares during the period. Canandaigua National Bank & Trust Co. boosted its holdings in Broadcom by 1.4% in the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer's stock valued at $1,161,000 after purchasing an additional 10 shares during the period. Shira Ridge Wealth Management boosted its holdings in Broadcom by 6.3% in the 2nd quarter. Shira Ridge Wealth Management now owns 170 shares of the semiconductor manufacturer's stock valued at $273,000 after purchasing an additional 10 shares during the period. Finally, VanderPol Investments L.L.C. boosted its holdings in Broadcom by 7.0% in the 2nd quarter. VanderPol Investments L.L.C. now owns 198 shares of the semiconductor manufacturer's stock valued at $318,000 after purchasing an additional 13 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AVGO. Truist Financial boosted their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a report on Friday, September 6th. Mizuho boosted their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a report on Monday, October 14th. William Blair assumed coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an "outperform" rating for the company. Finally, Cantor Fitzgerald boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research report on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $195.96.

Insider Activity

In other news, CEO Hock E. Tan sold 150,000 shares of the company's stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now directly owns 1,181,910 shares of the company's stock, valued at approximately $204,399,515.40. This represents a 11.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the company's stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares in the company, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by insiders.

Broadcom Trading Up 1.4 %

NASDAQ AVGO traded up $2.41 on Wednesday, hitting $170.56. The company's stock had a trading volume of 31,095,181 shares, compared to its average volume of 29,033,885. 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 Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The company's 50-day moving average is $173.02 and its 200 day moving average is $162.31. The firm has a market cap of $796.61 billion, a PE ratio of 148.18, a PEG ratio of 1.96 and a beta of 1.13.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. During the same period in the prior year, the company posted $0.95 EPS. The company's revenue was up 47.3% on a year-over-year basis. As a group, analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

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

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.