Petra Financial Advisors Inc. increased its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 891.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,358 shares of the semiconductor manufacturer’s stock after purchasing an additional 9,313 shares during the quarter. Broadcom makes up about 1.2% of Petra Financial Advisors Inc.’s holdings, making the stock its 19th biggest position. Petra Financial Advisors Inc.’s holdings in Broadcom were worth $1,787,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in AVGO. China Universal Asset Management Co. Ltd. raised its stake in shares of Broadcom by 56.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 10,823 shares of the semiconductor manufacturer’s stock worth $14,345,000 after purchasing an additional 3,898 shares during the period. Proficio Capital Partners LLC raised its position in Broadcom by 6.1% in the first quarter. Proficio Capital Partners LLC now owns 1,644 shares of the semiconductor manufacturer’s stock worth $2,181,000 after acquiring an additional 94 shares during the period. Pictet North America Advisors SA raised its position in Broadcom by 148.0% in the first quarter. Pictet North America Advisors SA now owns 1,240 shares of the semiconductor manufacturer’s stock worth $1,644,000 after acquiring an additional 740 shares during the period. AA Financial Advisors LLC purchased a new position in Broadcom in the first quarter valued at about $2,103,000. Finally, Rehmann Capital Advisory Group grew its position in shares of Broadcom by 1.6% during the 1st quarter. Rehmann Capital Advisory Group now owns 1,761 shares of the semiconductor manufacturer’s stock valued at $2,335,000 after acquiring an additional 27 shares during the period. 76.43% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the company. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. UBS Group dropped their price target on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. William Blair began coverage on Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. Truist Financial upped their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Finally, TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Two equities research 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $191.54.
Insiders Place Their Bets
In related news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated 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 sale, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last 90 days. Insiders own 2.00% of the company’s stock.
Broadcom Stock Down 0.5 %
AVGO stock opened at $168.92 on Monday. The company’s 50 day moving average is $168.94 and its 200 day moving average is $156.03. The stock has a market cap of $788.95 billion, a price-to-earnings ratio of 146.76, a price-to-earnings-growth ratio of 2.73 and a beta of 1.17. 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 1-year low of $86.00 and a 1-year high of $186.42.
Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 EPS. Sell-side analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.
Broadcom Increases Dividend
The company 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. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.26%. Broadcom’s dividend payout ratio (DPR) 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.
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