Evernest Financial Advisors LLC Grows Holdings in Broadcom Inc. (NASDAQ:AVGO)

Evernest Financial Advisors LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 3,024.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,531 shares of the semiconductor manufacturer’s stock after purchasing an additional 5,354 shares during the quarter. Evernest Financial Advisors LLC’s holdings in Broadcom were worth $954,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Legend Financial Advisors Inc. raised its position in Broadcom by 72.7% during 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. Castleview Partners LLC increased its stake in shares of Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 134 shares during the period. Richardson Capital Management LLC bought a new stake in shares of Broadcom in the first quarter valued at about $29,000. Delta Asset Management LLC TN lifted its stake in Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares during the period. Finally, Redmont Wealth Advisors LLC bought a new position in Broadcom during the 1st quarter worth about $36,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AVGO has been the subject of several recent research reports. The Goldman Sachs Group boosted their price target on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Truist Financial upped their target price on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. William Blair began coverage on Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Benchmark restated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Finally, UBS Group cut their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research note on Monday, September 9th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $191.54.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $173.51 on Thursday. 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 Inc. has a twelve month low of $81.83 and a twelve month high of $186.42. The company’s 50 day moving average is $167.93 and its 200 day moving average is $154.14. The company has a market cap of $807.67 billion, a PE ratio of 7.46, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.95 earnings per share. On average, sell-side analysts forecast that Broadcom Inc. will post 3.78 EPS for the current 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 given a dividend of $0.53 per share. The ex-dividend date 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 dividend payout ratio is currently 9.12%.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now owns 399,460 shares of the company’s stock, valued at $70,744,366. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares of the company’s stock, valued at $70,744,366. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by company insiders.

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.