Latitude Advisors LLC Purchases 5,850 Shares of Broadcom Inc. (NASDAQ:AVGO)

Latitude Advisors LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 998.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,436 shares of the semiconductor manufacturer’s stock after acquiring an additional 5,850 shares during the period. Latitude Advisors LLC’s holdings in Broadcom were worth $1,110,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AVGO. Confluence Wealth Services Inc. raised its holdings in shares of Broadcom by 910.9% during the third quarter. Confluence Wealth Services Inc. now owns 41,163 shares of the semiconductor manufacturer’s stock valued at $7,100,000 after acquiring an additional 37,091 shares in the last quarter. Baxter Bros Inc. raised its holdings in Broadcom by 900.0% in the 3rd quarter. Baxter Bros Inc. now owns 1,940 shares of the semiconductor manufacturer’s stock worth $335,000 after purchasing an additional 1,746 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Broadcom by 894.5% in the 3rd quarter. Janney Montgomery Scott LLC now owns 1,751,279 shares of the semiconductor manufacturer’s stock worth $302,096,000 after purchasing an additional 1,575,182 shares in the last quarter. Indie Asset Partners LLC boosted its stake in shares of Broadcom by 891.3% during the 3rd quarter. Indie Asset Partners LLC now owns 5,343 shares of the semiconductor manufacturer’s stock valued at $922,000 after purchasing an additional 4,804 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust increased its position in shares of Broadcom by 900.0% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 3,800 shares of the semiconductor manufacturer’s stock valued at $656,000 after buying an additional 3,420 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Up 3.2 %

Broadcom stock opened at $173.90 on Wednesday. The stock has a market cap of $812.21 billion, a PE ratio of 151.09, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17. 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 stock has a fifty day moving average of $169.37 and a 200 day moving average of $156.58. Broadcom Inc. has a one year low of $87.12 and a one year high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 earnings per share. As a group, sell-side analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the transaction, the insider now owns 399,460 shares of the company’s stock, valued at $70,744,366. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Broadcom 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 sale, the chief executive officer now directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now owns 399,460 shares in the company, valued at $70,744,366. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. UBS Group lifted their price objective on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday. Morgan Stanley increased their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Mizuho boosted their target price on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Oppenheimer lowered their price target on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Finally, William Blair initiated coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating on the stock. 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $192.79.

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.