First Horizon Advisors Inc. Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

First Horizon Advisors Inc. grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 952.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 249,389 shares of the semiconductor manufacturer's stock after acquiring an additional 225,690 shares during the period. Broadcom accounts for 1.2% of First Horizon Advisors Inc.'s holdings, making the stock its 14th largest position. First Horizon Advisors Inc.'s holdings in Broadcom were worth $43,020,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Castleview Partners LLC raised its position in shares of Broadcom by 1,030.8% in the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 134 shares in the last quarter. Tsfg LLC raised its position in shares of Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock valued at $38,000 after buying an additional 204 shares in the last quarter. Krane Funds Advisors LLC acquired a new stake in shares of Broadcom in the third quarter valued at approximately $42,000. Highline Wealth Partners LLC acquired a new stake in shares of Broadcom in the third quarter valued at approximately $45,000. Finally, AlphaCentric Advisors LLC raised its position in shares of Broadcom by 859.3% in the third quarter. AlphaCentric Advisors LLC now owns 259 shares of the semiconductor manufacturer's stock valued at $45,000 after buying an additional 232 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 737,330 shares of the company's stock, valued at $133,781,155.20. This represents a 2.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company's stock, valued at $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last three months. Corporate insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AVGO. The Goldman Sachs Group lifted their price target on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a research report on Friday, September 6th. Truist Financial lifted 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. Morgan Stanley lifted their price objective 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. TD Cowen raised shares of Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. Finally, UBS Group lifted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $192.79.

Broadcom Trading Up 0.2 %

AVGO stock traded up $0.29 during midday trading on Friday, hitting $164.23. The stock had a trading volume of 17,332,473 shares, compared to its average volume of 18,615,522. The firm has a market cap of $767.05 billion, a P/E ratio of 142.68, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. 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 Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The business has a fifty day moving average price of $173.70 and a two-hundred day moving average price of $160.62.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced 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 firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business's quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 earnings per share. On average, sell-side analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. Broadcom's payout ratio is presently 184.19%.

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.