Latitude Advisors LLC Has $1.11 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Latitude Advisors LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 998.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,436 shares of the semiconductor manufacturer's stock after buying an additional 5,850 shares during the period. Latitude Advisors LLC's holdings in Broadcom were worth $1,110,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Richardson Financial Services Inc. raised its stake in shares of Broadcom by 141.7% in the first quarter. Richardson Financial Services Inc. now owns 145 shares of the semiconductor manufacturer's stock valued at $192,000 after acquiring an additional 85 shares during the last quarter. SPC Financial Inc. raised its position in Broadcom by 3.8% in the 1st quarter. SPC Financial Inc. now owns 731 shares of the semiconductor manufacturer's stock valued at $969,000 after purchasing an additional 27 shares during the last quarter. Howland Capital Management LLC boosted its stake in Broadcom by 2.3% in the first quarter. Howland Capital Management LLC now owns 487 shares of the semiconductor manufacturer's stock worth $645,000 after purchasing an additional 11 shares in the last quarter. Texas Permanent School Fund Corp grew its holdings in shares of Broadcom by 0.4% during the first quarter. Texas Permanent School Fund Corp now owns 90,963 shares of the semiconductor manufacturer's stock worth $120,563,000 after purchasing an additional 335 shares during the last quarter. Finally, Mitchell Capital Management Co. lifted its position in Broadcom by 12.7% during the 1st quarter. Mitchell Capital Management Co. now owns 9,344 shares of the semiconductor manufacturer's stock worth $12,384,000 after buying an additional 1,056 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Up 3.2 %

Shares of AVGO traded up $5.65 on Wednesday, hitting $179.55. The company's stock had a trading volume of 23,868,191 shares, compared to its average volume of 29,908,316. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $838.60 billion, a price-to-earnings ratio of 155.99, a P/E/G ratio of 1.99 and a beta of 1.17. The firm's fifty day moving average price is $169.80 and its 200-day moving average price is $156.94. Broadcom Inc. has a fifty-two week low of $87.62 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The business 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 firm's quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the business posted $0.95 earnings per share. On average, equities research analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.18%. Broadcom's dividend payout ratio (DPR) is presently 184.19%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company's stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company's stock, valued at $217,594,136.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, 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 transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the company's stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. The trade was a 0.00 % 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 insiders.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research reports. Rosenblatt Securities lowered their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research report on Friday, September 6th. William Blair began coverage on Broadcom in a report on Wednesday, September 18th. They set an "outperform" rating on the stock. Truist Financial lifted their target price on Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday, October 8th. TD Cowen upgraded Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. Finally, Oppenheimer cut their target price on shares of 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 investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $192.79.

About Broadcom

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.