Concurrent Investment Advisors LLC Buys 105,230 Shares of Broadcom Inc. (NASDAQ:AVGO)

Concurrent Investment Advisors LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 945.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 116,360 shares of the semiconductor manufacturer's stock after purchasing an additional 105,230 shares during the quarter. Broadcom makes up 0.6% of Concurrent Investment Advisors LLC's investment portfolio, making the stock its 29th largest holding. Concurrent Investment Advisors LLC's holdings in Broadcom were worth $20,072,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Delta Asset Management LLC TN increased its position in Broadcom by 242.9% in 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 during the last quarter. Clear Point Advisors Inc. increased its holdings in Broadcom by 310.0% in the 1st quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer's stock worth $54,000 after acquiring an additional 31 shares during the last quarter. Indiana Trust & Investment Management CO raised its stake in Broadcom by 39.5% in the 2nd quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer's stock valued at $85,000 after acquiring an additional 15 shares during the period. Creekmur Asset Management LLC lifted its holdings in Broadcom by 89.7% during the first 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 during the last quarter. Finally, Kiely Wealth Advisory Group Inc. bought a new stake in shares of Broadcom in the second quarter valued at approximately $128,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

Shares of AVGO stock traded down $0.17 during trading hours on Friday, hitting $183.64. 13,503,154 shares of the company's stock were exchanged, compared to its average volume of 18,921,780. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The company has a market capitalization of $857.70 billion, a PE ratio of 159.69, a PEG ratio of 2.11 and a beta of 1.17. The business's 50 day simple moving average is $170.75 and its 200-day simple moving average is $157.78. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

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 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 business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The firm's revenue for the quarter was up 47.3% on a year-over-year basis. On average, equities research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. This is a boost from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date was Thursday, September 19th. Broadcom's payout ratio is 184.35%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Morgan Stanley raised their price target on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. The Goldman Sachs Group boosted their price objective on Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a research note on Friday, September 6th. Benchmark restated a "buy" rating and issued a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Finally, Oppenheimer decreased their price target on Broadcom from $2,000.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 16th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Broadcom has an average rating of "Moderate Buy" and an average target price of $192.79.

Insider Buying and Selling at Broadcom

In other news, Director Gayla J. Delly sold 750 shares of the firm's 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 transaction, the director now owns 34,750 shares in the company, valued at approximately $6,064,917.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Gayla J. Delly sold 750 shares of the company's stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares of the company's stock, valued at approximately $6,064,917.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently 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.