Profund Advisors LLC Purchases 2,697 Shares of Broadcom Inc. (NASDAQ:AVGO)

Profund Advisors LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 4.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,581 shares of the semiconductor manufacturer’s stock after buying an additional 2,697 shares during the quarter. Broadcom accounts for approximately 4.2% of Profund Advisors LLC’s holdings, making the stock its 4th biggest holding. Profund Advisors LLC’s holdings in Broadcom were worth $113,320,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in AVGO. Legend Financial Advisors Inc. increased its position in shares of Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the last quarter. Richardson Capital Management LLC bought a new stake in shares of Broadcom in the 1st quarter worth about $29,000. Delta Asset Management LLC TN increased its position in shares of Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC bought a new stake in shares of Broadcom in the 1st quarter worth about $36,000. Finally, Ulland Investment Advisors LLC bought a new stake in shares of Broadcom in the 1st quarter worth about $37,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of several research analyst reports. Wells Fargo & Company boosted their target price on shares of Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 13th. Citigroup reissued a “buy” rating and issued a $156.00 target price on shares of Broadcom in a research report on Tuesday, June 11th. Melius assumed coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price objective for the company. Piper Sandler boosted their price objective on shares of Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Finally, Melius Research assumed coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price objective 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Trading Up 2.2 %

Shares of NASDAQ:AVGO opened at $171.10 on Friday. The company has a 50 day moving average of $156.81 and a 200-day moving average of $146.91. The firm has a market cap of $796.45 billion, a P/E ratio of 7.36, a P/E/G ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a twelve month low of $79.51 and a twelve month high of $185.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last issued its quarterly 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 company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.95 EPS. As a group, analysts anticipate that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be paid a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Thursday, September 19th. Broadcom’s dividend payout ratio is currently 9.12%.

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.