Diversify Advisory Services LLC Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Diversify Advisory Services LLC grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 925.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,276 shares of the semiconductor manufacturer’s stock after purchasing an additional 57,107 shares during the period. Broadcom comprises approximately 0.6% of Diversify Advisory Services LLC’s investment portfolio, making the stock its 28th largest holding. Diversify Advisory Services LLC’s holdings in Broadcom were worth $11,350,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. AXA S.A. increased its position in shares of Broadcom by 2.7% in the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after buying an additional 7,608 shares in the last quarter. Whittier Trust Co. increased its holdings in Broadcom by 947.2% in the 3rd quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock worth $119,000,000 after acquiring an additional 623,983 shares in the last quarter. Summit Place Financial Advisors LLC raised its position in Broadcom by 912.6% during the third quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock worth $1,691,000 after acquiring an additional 8,834 shares during the period. Signaturefd LLC lifted its holdings in Broadcom by 913.0% during the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer’s stock valued at $13,624,000 after purchasing an additional 71,181 shares in the last quarter. Finally, Godsey & Gibb Inc. grew its position in shares of Broadcom by 887.0% in the third quarter. Godsey & Gibb Inc. now owns 180,672 shares of the semiconductor manufacturer’s stock valued at $31,166,000 after purchasing an additional 162,366 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AVGO. Truist Financial raised their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Cantor Fitzgerald lifted their price target on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Morgan Stanley boosted their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Oppenheimer decreased their price objective on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $191.54.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 15,950 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was 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 in the company, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,080 shares of company stock worth $53,540,590. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $168.92 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 12 month low of $86.00 and a 12 month high of $186.42. The firm has a market capitalization of $788.95 billion, a P/E ratio of 146.76, a P/E/G ratio of 2.84 and a beta of 1.17. The company’s fifty day moving average price is $168.94 and its 200 day moving average price is $156.03.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. As a group, sell-side 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. Shareholders of record on Thursday, September 19th were given 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 yield of 1.26%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is presently 184.19%.

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.