Brown Financial Advisors Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Brown Financial Advisors bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 886 shares of the semiconductor manufacturer’s stock, valued at approximately $1,422,000.

Several other hedge funds have also recently made changes to their positions in AVGO. J. W. Coons Advisors LLC increased its stake in shares of Broadcom by 5.1% during the fourth quarter. J. W. Coons Advisors LLC now owns 1,410 shares of the semiconductor manufacturer’s stock valued at $1,574,000 after buying an additional 69 shares during the period. CIBC Private Wealth Group LLC grew its stake in Broadcom by 39.8% in the fourth quarter. CIBC Private Wealth Group LLC now owns 93,613 shares of the semiconductor manufacturer’s stock worth $104,496,000 after purchasing an additional 26,655 shares during the period. Capital International Ltd. CA grew its stake in Broadcom by 1.7% in the fourth quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock worth $87,367,000 after purchasing an additional 1,310 shares during the period. Capital International Sarl grew its stake in Broadcom by 10.5% in the fourth quarter. Capital International Sarl now owns 104,937 shares of the semiconductor manufacturer’s stock worth $117,136,000 after purchasing an additional 9,941 shares during the period. Finally, Amussen Hunsaker Associates LLC grew its stake in Broadcom by 4.8% in the fourth quarter. Amussen Hunsaker Associates LLC now owns 350 shares of the semiconductor manufacturer’s stock worth $391,000 after purchasing an additional 16 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Down 2.9 %

Shares of NASDAQ:AVGO opened at $167.47 on Wednesday. Broadcom Inc. has a 1 year low of $80.89 and a 1 year high of $185.16. The stock’s fifty day moving average price is $158.30 and its 200-day moving average price is $148.82. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a market cap of $779.55 billion, a P/E ratio of 7.20, a PEG ratio of 2.78 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last posted its 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 return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the company earned $0.95 earnings per share. Broadcom’s revenue was up 47.3% on a year-over-year basis. Sell-side analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. 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 1.27%. Broadcom’s dividend payout ratio is currently 9.12%.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 233,452 shares of company stock valued at $51,278,838. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AVGO. William Blair began coverage on Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating on the stock. Oppenheimer reduced their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. Morgan Stanley upped their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Piper Sandler boosted their target price on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Finally, Rosenblatt Securities dropped their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Two research 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $189.23.

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.