Broadcom Inc. $AVGO Position Boosted by Atlas Legacy Advisors LLC

Atlas Legacy Advisors LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 76.1% in the third quarter, Holdings Channel.com reports. The firm owned 7,053 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,049 shares during the quarter. Atlas Legacy Advisors LLC’s holdings in Broadcom were worth $2,327,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. JCIC Asset Management Inc. purchased a new position in shares of Broadcom during the 3rd quarter valued at $31,000. Longfellow Investment Management Co. LLC acquired a new stake in Broadcom during the second quarter valued at $27,000. Teachers Insurance & Annuity Association of America acquired a new stake in Broadcom during the second quarter valued at $28,000. Manning & Napier Advisors LLC purchased a new position in Broadcom in the third quarter valued at about $34,000. Finally, LGT Financial Advisors LLC acquired a new position in Broadcom in the 2nd quarter worth about $31,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the stock. UBS Group set a $475.00 target price on shares of Broadcom and gave the stock a “buy” rating in a research report on Monday, December 15th. The Goldman Sachs Group restated a “buy” rating and set a $450.00 target price on shares of Broadcom in a report on Monday, January 5th. Raymond James Financial set a $420.00 price objective on Broadcom and gave the company an “outperform” rating in a research note on Thursday, November 20th. Evercore ISI boosted their target price on Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a report on Wednesday, October 15th. Finally, KeyCorp reiterated an “overweight” rating and set a $500.00 price target (up previously from $460.00) on shares of Broadcom in a report on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $438.61.

Broadcom Trading Up 2.4%

NASDAQ:AVGO opened at $332.79 on Wednesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. The business’s 50-day simple moving average is $356.69 and its 200-day simple moving average is $336.92. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61. The stock has a market capitalization of $1.58 trillion, a PE ratio of 69.91, a price-to-earnings-growth ratio of 1.08 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The business had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. During the same period in the prior year, the business earned $1.42 EPS. Broadcom’s revenue for the quarter was up 28.2% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date was Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio (DPR) is presently 54.62%.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $347.12, for a total transaction of $10,413,600.00. Following the sale, the insider owned 210,573 shares in the company, valued at approximately $73,094,099.76. This represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Harry L. You purchased 1,000 shares of Broadcom stock in a transaction that occurred on Thursday, December 18th. The shares were bought at an average cost of $325.13 per share, with a total value of $325,130.00. Following the completion of the transaction, the director directly owned 36,602 shares of the company’s stock, valued at approximately $11,900,408.26. The trade was a 2.81% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 779,901 shares of company stock valued at $284,069,237 over the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.