Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Park Avenue Securities LLC

Park Avenue Securities LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 871.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 130,726 shares of the semiconductor manufacturer’s stock after acquiring an additional 117,271 shares during the quarter. Park Avenue Securities LLC’s holdings in Broadcom were worth $22,550,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in AVGO. Legend Financial Advisors Inc. raised its holdings 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 valued at $25,000 after purchasing an additional 8 shares in the last quarter. Richardson Capital Management LLC acquired a new stake in Broadcom in the first quarter valued at $29,000. Delta Asset Management LLC TN lifted its holdings in 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 buying an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new position in shares of Broadcom during the 1st quarter worth about $36,000. Finally, Creekmur Asset Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AVGO. Wells Fargo & Company upped their price target on Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a report on Thursday, June 13th. Barclays increased their target price on shares of Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Piper Sandler raised their price objective on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Finally, Truist Financial boosted their target price on Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a report on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $189.23.

Insider Activity at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom 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 transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The disclosure for this sale can be found here. Insiders sold 243,452 shares of company stock valued at $52,950,238 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 0.7 %

Shares of AVGO stock opened at $171.89 on Friday. The business’s fifty day moving average price is $159.14 and its 200 day moving average price is $149.44. The firm has a market capitalization of $800.13 billion, a PE ratio of 7.39, a P/E/G ratio of 2.78 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. Broadcom Inc. has a 1-year low of $81.17 and a 1-year high of $185.16.

Broadcom (NASDAQ:AVGO) last posted 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. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the prior year, the company posted $0.95 EPS. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.23%. Broadcom’s payout ratio is 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.