Proficio Capital Partners LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 687.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,361 shares of the semiconductor manufacturer's stock after purchasing an additional 11,664 shares during the period. Proficio Capital Partners LLC's holdings in Broadcom were worth $2,305,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. AXA S.A. lifted its stake in shares of Broadcom by 2.7% during the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer's stock valued at $467,334,000 after buying an additional 7,608 shares during the period. Catalyst Financial Partners LLC grew its position in shares of Broadcom by 943.3% in the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer's stock valued at $3,473,000 after purchasing an additional 18,206 shares during the period. Whittier Trust Co. lifted its position in Broadcom by 947.2% during the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer's stock worth $119,000,000 after buying an additional 623,983 shares during the period. Summit Place Financial Advisors LLC grew its holdings in Broadcom by 912.6% in the third quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer's stock valued at $1,691,000 after purchasing an additional 8,834 shares during the period. Finally, Signaturefd LLC increased its holdings in shares of Broadcom by 913.0% during the 3rd quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer's stock worth $13,624,000 after buying an additional 71,181 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
Analyst Ratings Changes
AVGO has been the subject of a number of recent research reports. William Blair started coverage on Broadcom in a research note on Wednesday, September 18th. They issued an "outperform" rating for the company. Rosenblatt Securities decreased their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a report on Friday, September 6th. TD Cowen raised shares of Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. Morgan Stanley raised 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, Oppenheimer lowered their target price on Broadcom from $2,000.00 to $200.00 and set an "outperform" rating for the company in a 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $192.79.
Get Our Latest Research Report on Broadcom
Broadcom Stock Performance
NASDAQ:AVGO traded down $2.64 during midday trading on Wednesday, reaching $173.58. The stock had a trading volume of 17,442,238 shares, compared to its average volume of 29,605,799. The stock has a market capitalization of $810.72 billion, a P/E ratio of 151.55, a PEG ratio of 2.07 and a beta of 1.17. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm's fifty day simple moving average is $171.55 and its 200-day simple moving average is $158.53.
Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $12.98 billion. During the same period in the prior year, the company earned $0.95 EPS. The business's quarterly revenue was up 47.3% compared to the same quarter last year. On average, equities research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.
Broadcom Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.22%. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is currently 184.19%.
Insider Activity
In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on 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 directly owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Broadcom news, 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 value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the business's stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by corporate insiders.
About Broadcom
(
Free Report)
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.
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