Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Providence Wealth Advisors LLC

Providence Wealth Advisors LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 910.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,060 shares of the semiconductor manufacturer’s stock after purchasing an additional 19,877 shares during the quarter. Broadcom comprises approximately 2.9% of Providence Wealth Advisors LLC’s portfolio, making the stock its 7th biggest position. Providence Wealth Advisors LLC’s holdings in Broadcom were worth $3,927,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. AXA S.A. boosted its holdings 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 acquiring an additional 7,608 shares during the period. Catalyst Financial Partners LLC boosted its holdings in shares of Broadcom by 943.3% in the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock valued at $3,473,000 after acquiring an additional 18,206 shares during the period. Whittier Trust Co. boosted its holdings in shares of Broadcom by 947.2% in the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock valued at $119,000,000 after acquiring an additional 623,983 shares during the period. Summit Place Financial Advisors LLC boosted its holdings in shares of Broadcom by 912.6% in the third quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock valued at $1,691,000 after acquiring an additional 8,834 shares during the period. Finally, Signaturefd LLC boosted its holdings in shares of Broadcom by 913.0% in the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer’s stock valued at $13,624,000 after acquiring an additional 71,181 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on AVGO shares. William Blair started coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating for the company. Benchmark restated a “buy” rating and set a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Truist Financial upped their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Mizuho upped their price target on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, The Goldman Sachs Group upped their price target on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two investment 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. Based on data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average price target of $195.96.

Broadcom Stock Down 3.1 %

AVGO opened at $159.67 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a market cap of $745.75 billion, a P/E ratio of 138.84, a PEG ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. The business’s fifty day simple moving average is $173.57 and its 200 day simple moving average is $161.49.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 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 analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 earnings per share. As a group, equities research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.33%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

Insiders Place Their Bets

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

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.