Cottonwood Capital Advisors LLC Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Cottonwood Capital Advisors LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 898.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,245 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,820 shares during the period. Cottonwood Capital Advisors LLC’s holdings in Broadcom were worth $732,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Delta Asset Management LLC TN lifted 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 worth $32,000 after purchasing an additional 17 shares during the last quarter. Clear Point Advisors Inc. increased its stake in Broadcom by 310.0% in the 1st quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer’s stock worth $54,000 after buying an additional 31 shares during the period. Indiana Trust & Investment Management CO lifted its holdings in Broadcom by 39.5% during the 2nd quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock valued at $85,000 after buying an additional 15 shares in the last quarter. Creekmur Asset Management LLC boosted its position in Broadcom by 89.7% in the 1st quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock valued at $98,000 after buying an additional 35 shares during the period. Finally, Kiely Wealth Advisory Group Inc. bought a new position in Broadcom in the 2nd quarter worth about $128,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on AVGO shares. William Blair began coverage on Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. Cantor Fitzgerald raised their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Rosenblatt Securities lowered their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, Morgan Stanley increased their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. 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 stock currently has an average rating of “Moderate Buy” and an average target price of $192.79.

Insider Activity

In other news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The trade was a 3.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This trade represents a 11.26 % 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 valued at $53,540,590 in the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Trading Down 1.8 %

NASDAQ:AVGO opened at $170.38 on Friday. 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 firm has a fifty day simple moving average of $171.93 and a 200-day simple moving average of $158.86. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The company has a market capitalization of $795.77 billion, a P/E ratio of 148.03, a PEG ratio of 2.07 and a beta of 1.17.

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, beating 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 the consensus estimate of $12.98 billion. During the same quarter in the previous year, the business earned $0.95 EPS. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. On average, equities research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.24%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is presently 184.19%.

About Broadcom

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.