West Tower Group LLC Purchases 500 Shares of Broadcom Inc. (NASDAQ:AVGO)

West Tower Group LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 250.0% in the third quarter, Holdings Channel.com reports. The fund owned 700 shares of the semiconductor manufacturer’s stock after buying an additional 500 shares during the period. West Tower Group LLC’s holdings in Broadcom were worth $121,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the company. Lion Street Advisors LLC lifted its position in shares of Broadcom by 1.9% in the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after acquiring an additional 6 shares during the period. Optimum Investment Advisors lifted its position in shares of Broadcom by 0.6% during the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock worth $2,262,000 after buying an additional 8 shares during the period. Anderson Hoagland & Co. lifted its position in shares of Broadcom by 0.3% during the 2nd quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer’s stock worth $4,623,000 after buying an additional 9 shares during the period. Wealth Group Ltd lifted its position in shares of Broadcom by 6.0% during the 2nd quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock worth $283,000 after buying an additional 10 shares during the period. Finally, Shira Ridge Wealth Management lifted its position in shares of Broadcom by 6.3% during the 2nd quarter. Shira Ridge Wealth Management now owns 170 shares of the semiconductor manufacturer’s stock worth $273,000 after buying an additional 10 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the subject of several analyst reports. Benchmark restated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Cantor Fitzgerald raised their target price on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Truist Financial increased their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Rosenblatt Securities decreased their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Finally, TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $195.96.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares in the company, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 over the last three months. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Down 3.1 %

NASDAQ:AVGO opened at $159.67 on Thursday. The business’s 50-day simple moving average is $173.72 and its 200-day simple moving average is $161.28. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a market capitalization of $745.75 billion, a PE ratio of 138.72, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the company earned $0.95 earnings per share. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 184.19%.

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.