Keystone Financial Services Purchases Shares of 1,540 Broadcom Inc. (NASDAQ:AVGO)

Keystone Financial Services purchased a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,540 shares of the semiconductor manufacturer’s stock, valued at approximately $266,000.

Other hedge funds have also bought and sold shares of the company. Forge First Asset Management Inc. acquired a new stake in shares of Broadcom in the first quarter worth $8,808,000. M&G Plc acquired a new stake in shares of Broadcom in the first quarter worth $588,782,000. First Foundation Advisors increased its stake in shares of Broadcom by 1.1% in the first quarter. First Foundation Advisors now owns 6,873 shares of the semiconductor manufacturer’s stock worth $9,109,000 after acquiring an additional 78 shares during the period. Jupiter Asset Management Ltd. increased its stake in shares of Broadcom by 34.9% in the first quarter. Jupiter Asset Management Ltd. now owns 10,129 shares of the semiconductor manufacturer’s stock worth $13,425,000 after acquiring an additional 2,622 shares during the period. Finally, Nicolet Advisory Services LLC increased its stake in shares of Broadcom by 42.7% in the first quarter. Nicolet Advisory Services LLC now owns 692 shares of the semiconductor manufacturer’s stock worth $923,000 after acquiring an additional 207 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $170.38 on Friday. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The stock has a market cap of $795.77 billion, a PE ratio of 148.03, a P/E/G ratio of 2.07 and a beta of 1.17. The firm has a 50-day simple moving average of $171.93 and a two-hundred day simple moving average of $158.86. 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 (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period last year, the business earned $0.95 earnings per share. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. As a group, analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

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

Analyst Ratings Changes

AVGO has been the topic of several analyst reports. Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. UBS Group increased their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. The Goldman Sachs Group increased their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $192.79.

Insider Activity at Broadcom

In related news, 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 value of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, 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 3.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

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.