Portfolio Design Labs LLC Acquires 28,350 Shares of Broadcom Inc. (NASDAQ:AVGO)

Portfolio Design Labs LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 825.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,784 shares of the semiconductor manufacturer's stock after purchasing an additional 28,350 shares during the period. Broadcom accounts for approximately 1.5% of Portfolio Design Labs LLC's holdings, making the stock its 11th largest holding. Portfolio Design Labs LLC's holdings in Broadcom were worth $5,483,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Lion Street Advisors LLC lifted its stake in Broadcom by 1.9% in the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer's stock valued at $520,000 after acquiring an additional 6 shares in the last quarter. Optimum Investment Advisors raised its holdings in shares of Broadcom by 0.6% in the second quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer's stock valued at $2,262,000 after purchasing an additional 8 shares during the last quarter. Anderson Hoagland & Co. lifted its position in shares of Broadcom by 0.3% in the second quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer's stock worth $4,623,000 after purchasing an additional 9 shares in the last quarter. Wealth Group Ltd boosted its holdings in Broadcom by 6.0% during the second quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer's stock worth $283,000 after purchasing an additional 10 shares during the last quarter. Finally, Canandaigua National Bank & Trust Co. grew its position in Broadcom by 1.4% in the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer's stock valued at $1,161,000 after purchasing an additional 10 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the business's 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 in the company, valued at $133,781,155.20. The trade was a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gayla J. Delly sold 750 shares of the firm's stock in a transaction 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 sale, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

Shares of AVGO stock traded up $0.29 on Friday, hitting $164.23. The company's stock had a trading volume of 17,332,473 shares, compared to its average volume of 18,615,522. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The company has a market capitalization of $767.05 billion, a PE ratio of 142.81, a PEG ratio of 1.93 and a beta of 1.17. The stock's 50 day moving average is $173.70 and its 200-day moving average is $160.62. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The business's revenue was up 47.3% compared to the same quarter last year. Equities research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business 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. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is presently 184.35%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on AVGO shares. Cantor Fitzgerald increased their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 8th. The Goldman Sachs Group raised their price target on Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a research note on Friday, September 6th. Truist Financial upped their price objective on Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research note on Tuesday, October 8th. Morgan Stanley boosted their target price on shares of Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Finally, William Blair initiated coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an "outperform" rating for the company. Two equities research 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target 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.