City Center Advisors LLC Buys 2,861 Shares of Broadcom Inc. (NASDAQ:AVGO)

City Center Advisors LLC increased its position in Broadcom Inc. (NASDAQ:AVGO) by 944.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,164 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,861 shares during the period. City Center Advisors LLC’s holdings in Broadcom were worth $546,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Legend Financial Advisors Inc. increased its position in shares of Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares in the last quarter. Richardson Capital Management LLC purchased a new position in shares of Broadcom in the first quarter worth $29,000. Delta Asset Management LLC TN boosted its position in shares of Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC purchased a new position in Broadcom in the 1st quarter worth about $36,000. Finally, Creekmur Asset Management LLC purchased a new position in Broadcom in the 4th quarter worth about $43,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Down 0.9 %

Shares of AVGO stock opened at $175.08 on Tuesday. 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 stock has a market capitalization of $814.98 billion, a price-to-earnings ratio of 7.53, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17. Broadcom Inc. has a 12-month low of $81.83 and a 12-month high of $185.16. The stock’s 50-day moving average price is $159.64 and its 200-day moving average price is $149.81.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) 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 period in the prior year, the firm earned $0.95 EPS. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. Equities research analysts predict 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. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.21%. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AVGO shares. Oppenheimer decreased their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Sanford C. Bernstein raised their price target on Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. JPMorgan Chase & Co. upped their price objective on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Jefferies Financial Group boosted their price target on Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, Evercore ISI increased their price objective on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Insider Activity

In related news, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the transaction, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction that occurred 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 of the company’s stock, valued at $126,754,425.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 263,452 shares of company stock valued at $56,396,638 in the last ninety days. Insiders own 2.00% of the company’s stock.

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.