Broadcom Inc. (NASDAQ:AVGO) Shares Bought by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 903.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,225 shares of the semiconductor manufacturer’s stock after purchasing an additional 73,134 shares during the quarter. Broadcom makes up 8.1% of EverSource Wealth Advisors LLC’s investment portfolio, making the stock its largest position. EverSource Wealth Advisors LLC’s holdings in Broadcom were worth $130,409,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of AVGO. Capital International Ltd. CA lifted its holdings in Broadcom by 1.7% during the 4th quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock worth $87,367,000 after buying an additional 1,310 shares during the last quarter. Focus Financial Network Inc. ADV acquired a new position in Broadcom in the fourth quarter valued at approximately $2,238,000. Gryphon Financial Partners LLC increased its stake in Broadcom by 99.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock valued at $1,731,000 after purchasing an additional 801 shares during the last quarter. Steward Partners Investment Solutions LLC acquired a new stake in Broadcom during the fourth quarter worth approximately $2,205,000. Finally, Ensign Peak Advisors Inc lifted its position in shares of Broadcom by 19.1% during the 2nd quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after buying an additional 84,196 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Up 2.2 %

Shares of NASDAQ AVGO opened at $171.10 on Friday. Broadcom Inc. has a 52 week low of $79.51 and a 52 week high of $185.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $796.45 billion, a price-to-earnings ratio of 7.36, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. The firm has a 50-day moving average price of $156.81 and a 200 day moving average price of $146.91.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 EPS. Equities research analysts anticipate that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 9.12%.

Insider Buying and Selling

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 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 directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on AVGO shares. Sanford C. Bernstein lifted their price target on shares of Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Melius began coverage on Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price for the company. Citigroup restated a “buy” rating and set a $156.00 price target on shares of Broadcom in a research note on Tuesday, June 11th. JPMorgan Chase & Co. boosted their price objective on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Company 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.