Concord Wealth Partners Has $8.03 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Concord Wealth Partners grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 961.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,526 shares of the semiconductor manufacturer’s stock after purchasing an additional 42,141 shares during the quarter. Broadcom comprises about 1.3% of Concord Wealth Partners’ investment portfolio, making the stock its 18th biggest position. Concord Wealth Partners’ holdings in Broadcom were worth $8,026,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of AVGO. Vanguard Group Inc. grew its holdings in shares of Broadcom by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares in the last quarter. Swedbank AB raised its stake in shares of Broadcom by 858.7% in the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares in the last quarter. Raymond James & Associates lifted its position in Broadcom by 855.4% in the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock worth $2,186,292,000 after purchasing an additional 11,347,563 shares during the period. International Assets Investment Management LLC increased its holdings in Broadcom by 226,130.5% in the 3rd quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer’s stock valued at $14,224,520,000 after buying an additional 8,242,455 shares during the period. Finally, Pathway Financial Advisers LLC increased its holdings in Broadcom by 156,028.8% in the 3rd quarter. Pathway Financial Advisers LLC now owns 7,284,970 shares of the semiconductor manufacturer’s stock valued at $1,256,657,000 after buying an additional 7,280,304 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

NASDAQ:AVGO opened at $169.77 on Friday. Broadcom Inc. has a 52-week low of $83.26 and a 52-week high of $186.42. The stock has a fifty day moving average of $168.89 and a 200 day moving average of $155.80. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm has a market capitalization of $790.26 billion, a price-to-earnings ratio of 147.63, a P/E/G ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter last year, the company posted $0.95 EPS. On average, research analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.25%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

Wall Street Analyst Weigh In

AVGO has been the subject of several analyst reports. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Truist Financial boosted their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. UBS Group dropped their target price on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research report on Monday, September 9th. William Blair initiated coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating for the company. Finally, Benchmark reaffirmed a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Two 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 company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $191.54.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were 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 owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the sale, the insider now owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 over 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.