Alpha Cubed Investments LLC Acquires 15,250 Shares of Broadcom Inc. (NASDAQ:AVGO)

Alpha Cubed Investments LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 1,056.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,694 shares of the semiconductor manufacturer’s stock after acquiring an additional 15,250 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Broadcom were worth $2,880,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of the company. Cresset Asset Management LLC boosted its position in Broadcom by 17.3% during the 4th quarter. Cresset Asset Management LLC now owns 34,970 shares of the semiconductor manufacturer’s stock valued at $39,035,000 after buying an additional 5,166 shares during the period. Keyes Stange & Wooten Wealth Management LLC purchased a new position in Broadcom in the 4th quarter worth about $963,000. MGO One Seven LLC boosted its holdings in Broadcom by 0.3% in the fourth quarter. MGO One Seven LLC now owns 5,690 shares of the semiconductor manufacturer’s stock worth $6,352,000 after purchasing an additional 19 shares during the last quarter. CTF Capital Management LP boosted its stake in shares of Broadcom by 136.6% in the 4th quarter. CTF Capital Management LP now owns 32,970 shares of the semiconductor manufacturer’s stock worth $36,803,000 after buying an additional 19,033 shares during the last quarter. Finally, Icon Wealth Advisors LLC purchased a new stake in shares of Broadcom during the 4th quarter valued at about $6,296,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Down 0.9 %

Shares of AVGO stock opened at $175.08 on Tuesday. The stock has a 50 day moving average of $159.64 and a 200 day moving average of $149.81. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a twelve month low of $81.83 and a twelve month high of $185.16. The stock has a market cap of $814.98 billion, a P/E ratio of 7.53, a P/E/G ratio of 2.78 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 EPS. As a group, sell-side analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.21%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $172.32, for a total transaction of $3,446,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,151,910 shares in the company, valued at $198,497,131.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $172.32, for a total value of $3,446,400.00. Following the sale, the chief executive officer now owns 1,151,910 shares of the company’s stock, valued at $198,497,131.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction 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 trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 263,452 shares of company stock worth $56,396,638 over the last quarter. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Sanford C. Bernstein boosted their price objective on Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Rosenblatt Securities reduced their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Morgan Stanley boosted their price objective on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, Truist Financial raised their price objective on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a report on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.