Advocate Group LLC Buys 23,712 Shares of Broadcom Inc. (NASDAQ:AVGO)

Advocate Group LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 858.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,475 shares of the semiconductor manufacturer’s stock after purchasing an additional 23,712 shares during the period. Advocate Group LLC’s holdings in Broadcom were worth $4,567,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vivaldi Capital Management LP bought a new position in shares of Broadcom during the 4th quarter worth approximately $479,000. Kestra Advisory Services LLC grew its position in Broadcom by 6.4% in the fourth 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 in the last quarter. Pitcairn Co. grew its position in Broadcom by 44.4% in the fourth 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 in the last quarter. Mango Investments LLC acquired a new stake in Broadcom in the 4th quarter valued at $16,520,000. Finally, Pathstone Holdings LLC bought a new stake in Broadcom during the 4th quarter worth about $50,196,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVGO has been the topic of a number of recent research reports. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Cantor Fitzgerald raised their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday. Bank of America reaffirmed a “buy” rating and set a $215.00 price target (up from $200.00) on shares of Broadcom in a research report on Monday, June 24th. Truist Financial lifted their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, The Goldman Sachs Group upped their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $190.29.

Broadcom Price Performance

Shares of NASDAQ AVGO traded down $2.45 during mid-day trading on Thursday, reaching $183.50. The company had a trading volume of 3,039,154 shares, compared to its average volume of 30,893,229. The firm has a market cap of $854.17 billion, a price-to-earnings ratio of 7.94, a PEG ratio of 2.78 and a beta of 1.17. The business’s 50-day simple moving average is $161.39 and its 200 day simple moving average is $150.97. 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 quick ratio of 0.94 and a current ratio of 1.04.

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 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 net margin of 10.88% and a return on equity of 30.12%. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period last year, the firm posted $0.95 earnings per share. On average, research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. 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 1.16%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 9.12%.

Insider Activity

In other news, insider Mark David Brazeal sold 20,280 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares in the company, valued at approximately $70,744,366. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the sale, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 276,230 shares of company stock worth $47,190,190. Corporate insiders own 2.00% of the company’s stock.

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.