WFA Asset Management Corp Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

WFA Asset Management Corp raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,120 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,908 shares during the quarter. WFA Asset Management Corp’s holdings in Broadcom were worth $366,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. SYM FINANCIAL Corp boosted its position in shares of Broadcom by 6.0% in the first quarter. SYM FINANCIAL Corp now owns 390 shares of the semiconductor manufacturer’s stock valued at $517,000 after acquiring an additional 22 shares during the period. Concord Investment Counsel Inc. bought a new position in Broadcom in the 1st quarter valued at $297,000. CFO4Life Group LLC grew its position in shares of Broadcom by 5.2% during the 1st quarter. CFO4Life Group LLC now owns 1,225 shares of the semiconductor manufacturer’s stock valued at $1,624,000 after purchasing an additional 61 shares in the last quarter. Empirical Finance LLC increased its holdings in shares of Broadcom by 3.7% in the first quarter. Empirical Finance LLC now owns 14,728 shares of the semiconductor manufacturer’s stock worth $19,521,000 after purchasing an additional 528 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its position in shares of Broadcom by 2.7% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 17,695 shares of the semiconductor manufacturer’s stock worth $23,453,000 after buying an additional 460 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

AVGO has been the subject of several recent analyst reports. UBS Group boosted their target price on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday. William Blair started coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Morgan Stanley lifted their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Rosenblatt Securities decreased their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Finally, The Goldman Sachs Group raised their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Two equities research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Stock Performance

Broadcom stock opened at $179.55 on Thursday. 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 market cap of $838.60 billion, a P/E ratio of 156.13, a P/E/G ratio of 1.99 and a beta of 1.17. Broadcom Inc. has a 1-year low of $87.62 and a 1-year high of $186.42. The firm has a 50-day moving average of $169.80 and a 200-day moving average of $156.94.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter last year, the business posted $0.95 EPS. The business’s revenue was up 47.3% on a year-over-year basis. Sell-side analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed 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. This represents a $2.12 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is presently 184.35%.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Hock E. Tan sold 10,000 shares of Broadcom stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total transaction of $1,671,400.00. Following the sale, the chief executive officer now directly owns 1,171,910 shares in the company, valued at $195,873,037.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer now 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

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.