Abner Herrman & Brock LLC Acquires 2,600 Shares of Broadcom Inc. (NASDAQ:AVGO)

Abner Herrman & Brock LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1,052.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,847 shares of the semiconductor manufacturer’s stock after buying an additional 2,600 shares during the period. Abner Herrman & Brock LLC’s holdings in Broadcom were worth $491,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. Vivaldi Capital Management LP bought a new stake in Broadcom during the fourth quarter worth $479,000. Kestra Advisory Services LLC raised its holdings in shares of Broadcom by 6.4% in the 4th quarter. Kestra Advisory Services LLC now owns 25,665 shares of the semiconductor manufacturer’s stock valued at $28,649,000 after purchasing an additional 1,540 shares during the period. Pitcairn Co. lifted its stake in Broadcom by 44.4% in the 4th quarter. Pitcairn Co. now owns 10,665 shares of the semiconductor manufacturer’s stock valued at $11,905,000 after purchasing an additional 3,279 shares during the last quarter. Mango Investments LLC bought a new position in Broadcom during the fourth quarter worth about $16,520,000. Finally, Pathstone Holdings LLC acquired a new position in Broadcom during the fourth quarter worth approximately $50,196,000. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $185.95 on Thursday. Broadcom Inc. has a one year low of $81.83 and a one year high of $186.42. 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 $865.57 billion, a price-to-earnings ratio of 8.00, a PEG ratio of 2.78 and a beta of 1.17. The firm has a 50 day simple moving average of $160.88 and a 200 day simple moving average of $150.57.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during 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%. Broadcom’s revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 EPS. Research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.14%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 9.12%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company’s 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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 disclosure for this sale can be found here. Insiders sold a total of 276,230 shares of company stock worth $47,190,190 in the last quarter. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

AVGO has been the subject of several research analyst reports. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Evercore ISI upped their price objective on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. The Goldman Sachs Group raised their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Mizuho upped their price target on shares of Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, Benchmark restated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $190.29.

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.