Ferguson Wellman Capital Management Inc. Has $141.75 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Ferguson Wellman Capital Management Inc. lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 888.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 821,716 shares of the semiconductor manufacturer's stock after acquiring an additional 738,543 shares during the quarter. Broadcom accounts for 2.7% of Ferguson Wellman Capital Management Inc.'s investment portfolio, making the stock its 7th largest position. Ferguson Wellman Capital Management Inc.'s holdings in Broadcom were worth $141,746,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in AVGO. Hillsdale Investment Management Inc. raised its holdings in shares of Broadcom by 35.5% in the 1st quarter. Hillsdale Investment Management Inc. now owns 420 shares of the semiconductor manufacturer's stock valued at $557,000 after purchasing an additional 110 shares in the last quarter. PAX Financial Group LLC grew its holdings in shares of Broadcom by 16.8% during the first quarter. PAX Financial Group LLC now owns 230 shares of the semiconductor manufacturer's stock worth $305,000 after buying an additional 33 shares in the last quarter. Delta Asset Management LLC TN grew its holdings in Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock valued at $32,000 after purchasing an additional 17 shares during the period. PYA Waltman Capital LLC increased its position in shares of Broadcom by 1.1% in the first quarter. PYA Waltman Capital LLC now owns 2,071 shares of the semiconductor manufacturer's stock worth $2,744,000 after acquiring an additional 23 shares in the last quarter. Finally, Capitolis Liquid Global Markets LLC boosted its stake in shares of Broadcom by 2,234.0% in the first quarter. Capitolis Liquid Global Markets LLC now owns 116,700 shares of the semiconductor manufacturer's stock valued at $154,675,000 after purchasing an additional 111,700 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 20,280 shares of the business's stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the sale, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. The trade was a 4.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the business's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 over the last 90 days. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of Broadcom stock traded up $0.65 during midday trading on Monday, hitting $165.49. The company had a trading volume of 10,647,095 shares, compared to its average volume of 29,441,381. The business's 50 day simple moving average is $172.84 and its two-hundred day simple moving average is $159.35. The stock has a market cap of $772.93 billion, a PE ratio of 143.13, a P/E/G ratio of 1.94 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the company earned $0.95 earnings per share. The business's revenue was up 47.3% compared to the same quarter last year. As a group, equities analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.28%. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is currently 184.19%.

Wall Street Analyst Weigh In

A number of research analysts have commented on AVGO shares. Mizuho increased their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. Truist Financial increased their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday, October 8th. The Goldman Sachs Group increased their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a research note on Friday, September 6th. William Blair began coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an "outperform" rating on the stock. Finally, Benchmark reissued a "buy" rating and set a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus price target of $192.79.

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.