Foresight Capital Management Advisors Inc. Acquires 17,408 Shares of Broadcom Inc. (NASDAQ:AVGO)

Foresight Capital Management Advisors Inc. boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 465.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,152 shares of the semiconductor manufacturer’s stock after buying an additional 17,408 shares during the quarter. Broadcom makes up about 2.2% of Foresight Capital Management Advisors Inc.’s holdings, making the stock its 13th biggest holding. Foresight Capital Management Advisors Inc.’s holdings in Broadcom were worth $3,649,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AXA S.A. grew its position in Broadcom by 2.7% during the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after purchasing an additional 7,608 shares during the last quarter. MRA Advisory Group lifted its stake in shares of Broadcom by 954.1% in the 3rd quarter. MRA Advisory Group now owns 9,455 shares of the semiconductor manufacturer’s stock worth $1,631,000 after purchasing an additional 8,558 shares during the period. Ensign Peak Advisors Inc lifted its stake in shares of Broadcom by 19.1% in the 2nd quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after purchasing an additional 84,196 shares during the period. Shellback Capital LP bought a new stake in Broadcom during the 2nd quarter worth approximately $60,368,000. Finally, Red Spruce Capital LLC raised its stake in Broadcom by 854.9% during the 3rd quarter. Red Spruce Capital LLC now owns 32,915 shares of the semiconductor manufacturer’s stock worth $5,678,000 after acquiring an additional 29,468 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

Shares of AVGO traded down $1.56 during trading hours on Monday, hitting $175.08. 15,540,297 shares of the stock were exchanged, compared to its average volume of 31,117,604. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a 12-month low of $81.83 and a 12-month high of $185.16. The company has a market cap of $814.98 billion, a price-to-earnings ratio of 7.53, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17. The stock’s 50-day moving average price is $159.64 and its two-hundred day moving average price is $149.81.

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 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%. The company’s revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.95 EPS. Research 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. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a positive change 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 annualized dividend and a yield of 1.21%. Broadcom’s dividend payout ratio is presently 9.12%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Benchmark reaffirmed a “buy” rating and set a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Sanford C. Bernstein lifted their price objective on Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 target price on shares of Broadcom in a research note on Friday, September 6th. Barclays lifted their target price on Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Finally, Evercore ISI boosted their price target on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $189.23.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 7,502 shares of Broadcom 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 transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. 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 accessible through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 263,452 shares of company stock valued at $56,396,638. Corporate insiders own 2.00% of the company’s stock.

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.