Prime Capital Investment Advisors LLC Buys 245,972 Shares of Broadcom Inc. (NASDAQ:AVGO)

Prime Capital Investment Advisors LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 940.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 272,139 shares of the semiconductor manufacturer's stock after purchasing an additional 245,972 shares during the period. Prime Capital Investment Advisors LLC's holdings in Broadcom were worth $46,944,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Jupiter Asset Management Ltd. boosted its stake in Broadcom by 34.9% in the 1st quarter. Jupiter Asset Management Ltd. now owns 10,129 shares of the semiconductor manufacturer's stock worth $13,425,000 after purchasing an additional 2,622 shares during the period. Allstate Corp boosted its position in shares of Broadcom by 1.0% during the first quarter. Allstate Corp now owns 1,407 shares of the semiconductor manufacturer's stock worth $1,865,000 after acquiring an additional 14 shares during the last quarter. Strait & Sound Wealth Management LLC grew its stake in Broadcom by 7.2% during the first quarter. Strait & Sound Wealth Management LLC now owns 638 shares of the semiconductor manufacturer's stock valued at $882,000 after acquiring an additional 43 shares in the last quarter. Catalytic Wealth RIA LLC bought a new stake in Broadcom in the 1st quarter valued at $922,000. Finally, NWK Group Inc. lifted its stake in Broadcom by 2.8% in the 1st quarter. NWK Group Inc. now owns 7,813 shares of the semiconductor manufacturer's stock worth $10,355,000 after purchasing an additional 215 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on AVGO shares. 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 research report on Friday, September 6th. StockNews.com downgraded Broadcom from a "buy" rating to a "hold" rating in a research note on Tuesday, July 23rd. Mizuho upped their price objective on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. Benchmark reissued a "buy" rating and issued a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Finally, William Blair started coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an "outperform" rating on the stock. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Broadcom has an average rating of "Moderate Buy" and an average target price of $192.79.

Broadcom Trading Down 3.3 %

Shares of AVGO stock traded down $5.54 on Friday, reaching $164.84. 20,836,160 shares of the company's stock were exchanged, compared to its average volume of 29,525,910. The company's fifty day simple moving average is $172.84 and its 200 day simple moving average is $159.35. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. 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 stock has a market capitalization of $769.90 billion, a PE ratio of 143.34, a P/E/G ratio of 2.04 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 return on equity of 30.12% and a net margin of 10.88%. The business's revenue was up 47.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 earnings per share. As a group, analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.29%. This is a boost from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom's payout ratio is 184.35%.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the transaction, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This represents a 4.73 % 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, CEO Hock E. Tan sold 50,000 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 in the last three months. Corporate insiders own 2.00% of the company's stock.

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.