Proffitt & Goodson Inc. Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Proffitt & Goodson Inc. boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,182.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,722 shares of the semiconductor manufacturer's stock after purchasing an additional 7,120 shares during the quarter. Proffitt & Goodson Inc.'s holdings in Broadcom were worth $1,332,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of AVGO. Castleview Partners LLC boosted its stake in shares of Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock worth $25,000 after purchasing an additional 134 shares during the last quarter. Delta Asset Management LLC TN lifted its holdings in shares of Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock worth $32,000 after acquiring an additional 17 shares during the period. Tsfg LLC lifted its holdings in shares of Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock worth $38,000 after acquiring an additional 204 shares during the period. Krane Funds Advisors LLC purchased a new position in shares of Broadcom during the 3rd quarter worth about $42,000. Finally, Highline Wealth Partners LLC purchased a new position in shares of Broadcom during the 3rd quarter worth about $45,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on AVGO shares. Truist Financial raised their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. UBS Group raised their target price on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. TD Cowen upgraded shares of Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. JPMorgan Chase & Co. lifted their price target on Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. Finally, William Blair began coverage on Broadcom in a report on Wednesday, September 18th. They set an "outperform" rating for the company. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and an average price target of $192.79.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded down $3.20 on Thursday, hitting $170.38. 20,618,991 shares of the company were exchanged, compared to its average volume of 29,565,154. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The stock's 50 day moving average price is $171.93 and its 200 day moving average price is $158.86. 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 firm has a market capitalization of $795.77 billion, a P/E ratio of 150.74, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm's revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.95 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.24%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's payout ratio is presently 184.19%.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction 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 completion of the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $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. In the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by insiders.

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.