Paragon Advisors LLC Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Paragon Advisors LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 899.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,521 shares of the semiconductor manufacturer's stock after buying an additional 18,468 shares during the period. Broadcom makes up approximately 1.1% of Paragon Advisors LLC's investment portfolio, making the stock its 27th biggest position. Paragon Advisors LLC's holdings in Broadcom were worth $3,540,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Clear Point Advisors Inc. raised its holdings in shares of Broadcom by 310.0% during the 1st quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer's stock worth $54,000 after buying an additional 31 shares in the last quarter. Indiana Trust & Investment Management CO lifted its holdings in shares of Broadcom by 39.5% in the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer's stock worth $85,000 after acquiring an additional 15 shares during the last quarter. Creekmur Asset Management LLC boosted its stake in shares of Broadcom by 89.7% in the 1st quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer's stock valued at $98,000 after purchasing an additional 35 shares in the last quarter. Kiely Wealth Advisory Group Inc. bought a new stake in shares of Broadcom during the 2nd quarter valued at approximately $128,000. Finally, Mark Sheptoff Financial Planning LLC acquired a new position in Broadcom during the 2nd quarter worth approximately $136,000. Institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group raised their price objective on Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a report on Friday, September 6th. Morgan Stanley upped their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. Benchmark restated a "buy" rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Truist Financial increased their price target on Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday, October 8th. Finally, StockNews.com lowered Broadcom from a "buy" rating to a "hold" rating in a research note on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $192.79.

Broadcom Stock Up 0.0 %

Shares of AVGO traded up $0.03 during trading hours on Tuesday, reaching $165.70. The stock had a trading volume of 8,385,072 shares, compared to its average volume of 29,379,625. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The firm has a 50-day simple moving average of $173.34 and a 200 day simple moving average of $159.57. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $773.91 billion, a price-to-earnings ratio of 143.68, a P/E/G ratio of 1.94 and a beta of 1.17.

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

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.28%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio (DPR) is presently 184.35%.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the firm's stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the sale, the insider now directly owns 399,460 shares of the company's stock, valued at $70,744,366. This trade represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 value of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by company 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.