Savvy Advisors Inc. Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Savvy Advisors Inc. raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 954.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 15,936 shares of the semiconductor manufacturer's stock after purchasing an additional 14,424 shares during the period. Savvy Advisors Inc.'s holdings in Broadcom were worth $2,749,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC grew its stake in Broadcom by 894.9% during the third quarter. Ashton Thomas Private Wealth LLC now owns 110,713 shares of the semiconductor manufacturer's stock worth $19,098,000 after purchasing an additional 99,585 shares during the period. Mascoma Wealth Management LLC boosted its holdings in shares of Broadcom by 900.0% during the 3rd quarter. Mascoma Wealth Management LLC now owns 1,360 shares of the semiconductor manufacturer's stock worth $235,000 after buying an additional 1,224 shares in the last quarter. Intrepid Financial Planning Group LLC grew its position in shares of Broadcom by 948.9% during the 3rd quarter. Intrepid Financial Planning Group LLC now owns 6,010 shares of the semiconductor manufacturer's stock worth $1,037,000 after buying an additional 5,437 shares during the period. Verus Capital Partners LLC increased its stake in shares of Broadcom by 849.4% in the 3rd quarter. Verus Capital Partners LLC now owns 6,380 shares of the semiconductor manufacturer's stock valued at $1,101,000 after acquiring an additional 5,708 shares in the last quarter. Finally, Platform Technology Partners increased its stake in shares of Broadcom by 858.1% in the 3rd quarter. Platform Technology Partners now owns 2,539 shares of the semiconductor manufacturer's stock valued at $438,000 after acquiring an additional 2,274 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on AVGO shares. JPMorgan Chase & Co. increased their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. 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 report on Tuesday, October 8th. Truist Financial boosted their target price on Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research report on Tuesday, October 8th. Benchmark reiterated a "buy" rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Finally, UBS Group raised their price objective on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Two research 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, the company has an average rating of "Moderate Buy" and an average price target of $192.79.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 50,000 shares of the business'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 sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the transaction, the director now owns 34,750 shares of the company's stock, valued at $6,064,917.50. This represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded down $5.54 during midday trading on Friday, reaching $164.84. The company's stock had a trading volume of 20,836,160 shares, compared to its average volume of 29,525,910. The stock has a market capitalization of $769.90 billion, a P/E ratio of 143.34, a PEG ratio of 2.04 and a beta of 1.17. 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 has a 50 day moving average price of $172.84 and a 200-day moving average price of $159.35. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42.

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

Broadcom Increases Dividend

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

Broadcom 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.