Prospera Financial Services Inc Acquires 205,422 Shares of Broadcom Inc. (NASDAQ:AVGO)

Prospera Financial Services Inc boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 989.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 226,192 shares of the semiconductor manufacturer's stock after buying an additional 205,422 shares during the quarter. Broadcom makes up approximately 1.0% of Prospera Financial Services Inc's holdings, making the stock its 11th largest holding. Prospera Financial Services Inc's holdings in Broadcom were worth $39,024,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Castleview Partners LLC boosted its holdings in Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock worth $25,000 after buying an additional 134 shares during 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 purchasing an additional 204 shares in the last quarter. Krane Funds Advisors LLC acquired a new position in shares of Broadcom in the third quarter valued at approximately $42,000. Highline Wealth Partners LLC bought a new stake in shares of Broadcom during the third quarter worth $45,000. Finally, AlphaCentric Advisors LLC lifted its position in Broadcom by 859.3% in the 3rd quarter. AlphaCentric Advisors LLC now owns 259 shares of the semiconductor manufacturer's stock valued at $45,000 after acquiring an additional 232 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Price Performance

AVGO traded down $1.38 on Friday, hitting $162.56. 2,394,678 shares of the stock were exchanged, compared to its average volume of 29,229,432. The firm has a market capitalization of $759.25 billion, a price-to-earnings ratio of 142.39, a PEG 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 12 month low of $90.31 and a 12 month high of $186.42. The business has a 50-day moving average of $173.77 and a two-hundred day moving average of $160.37.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued 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. The company had revenue of $13.07 billion during 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%. The firm's quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 EPS. Sell-side analysts forecast 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. Stockholders of record on Thursday, September 19th were issued 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 dividend yield of 1.30%. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is 184.19%.

Analysts Set New Price Targets

AVGO has been the subject of several recent research reports. 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. William Blair assumed coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an "outperform" rating on the stock. Rosenblatt Securities dropped their target price on Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a report on Friday, September 6th. Mizuho increased their price objective on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a report on Monday, October 14th. Finally, Morgan Stanley increased their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $192.79.

Insider Buying and Selling

In related news, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares of the company's stock, valued at $6,064,917.50. This represents a 2.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 10,000 shares of the business's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total transaction of $1,671,400.00. Following the sale, the chief executive officer now directly owns 1,171,910 shares in the company, valued at approximately $195,873,037.40. The trade was a 0.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 in the last ninety days. 2.00% of the stock is owned by insiders.

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.