Simon Quick Advisors LLC grew its position in Broadcom Inc (NASDAQ:AVGO) by 37.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 362 shares of the semiconductor manufacturer’s stock after purchasing an additional 99 shares during the period. Simon Quick Advisors LLC’s holdings in Broadcom were worth $132,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Provident Wealth Management LLC acquired a new stake in shares of Broadcom in the 3rd quarter valued at $28,000. Northwest Investment Counselors LLC acquired a new stake in shares of Broadcom in the 3rd quarter valued at $35,000. Price Wealth LLC acquired a new stake in shares of Broadcom in the 2nd quarter valued at $37,000. Prestige Wealth Management Group LLC boosted its stake in shares of Broadcom by 179.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 120 shares of the semiconductor manufacturer’s stock valued at $44,000 after purchasing an additional 77 shares in the last quarter. Finally, Costello Asset Management INC acquired a new stake in shares of Broadcom in the 2nd quarter valued at $46,000. Institutional investors own 81.82% of the company’s stock.
In related news, SVP Charlie B. Kawwas sold 4,586 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $354.01, for a total transaction of $1,623,489.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Raul J. Fernandez acquired 84 shares of the company’s stock in a transaction on Wednesday, September 9th. The stock was acquired at an average price of $358.11 per share, with a total value of $30,081.24. The disclosure for this purchase can be found here. Insiders sold a total of 597,770 shares of company stock valued at $210,859,793 over the last quarter. Company insiders own 3.00% of the company’s stock.
Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 3rd. The semiconductor manufacturer reported $5.40 earnings per share for the quarter, topping analysts’ consensus estimates of $5.24 by $0.16. Broadcom had a return on equity of 32.44% and a net margin of 10.70%. The business had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.76 billion. During the same period in the prior year, the company earned $5.16 EPS. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. As a group, research analysts anticipate that Broadcom Inc will post 18.15 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd were issued a $3.25 dividend. This represents a $13.00 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date was Monday, September 21st. Broadcom’s payout ratio is currently 74.67%.
A number of research firms recently issued reports on AVGO. Mizuho lifted their price target on Broadcom from $390.00 to $425.00 and gave the company a “buy” rating in a report on Monday, October 19th. Citigroup lifted their price target on Broadcom from $360.00 to $415.00 and gave the company a “buy” rating in a report on Friday, September 4th. KeyCorp lifted their price target on Broadcom from $360.00 to $410.00 and gave the company an “overweight” rating in a report on Friday, September 4th. Robert W. Baird lifted their price target on Broadcom from $350.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, September 4th. Finally, Morgan Stanley lifted their price target on Broadcom from $358.00 to $415.00 and gave the company an “overweight” rating in a report on Friday, September 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $383.61.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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