Cypress Wealth Services LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Cypress Wealth Services LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1,031.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,594 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,188 shares during the period. Cypress Wealth Services LLC’s holdings in Broadcom were worth $792,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of AVGO. Handelsbanken Fonder AB boosted its stake in shares of Broadcom by 826.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,963,813 shares of the semiconductor manufacturer’s stock worth $511,258,000 after purchasing an additional 2,643,845 shares during the last quarter. Swedbank AB acquired a new position in Broadcom in the first quarter valued at $2,835,737,000. Vanguard Group Inc. lifted its holdings in shares of Broadcom by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after acquiring an additional 1,303,462 shares during the period. Jennison Associates LLC grew its holdings in Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after purchasing an additional 1,263,957 shares during the period. Finally, GQG Partners LLC raised its stake in Broadcom by 48.9% during the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock worth $3,966,730,000 after purchasing an additional 983,328 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the sale, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm’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 completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 276,230 shares of company stock valued at $47,190,190. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

Broadcom stock traded down $3.13 during midday trading on Thursday, reaching $182.82. 1,080,800 shares of the stock traded hands, compared to its average volume of 30,883,236. The firm has a fifty day moving average price of $161.39 and a two-hundred day moving average price of $150.97. The firm has a market cap of $851.01 billion, a price-to-earnings ratio of 7.94, a PEG ratio of 2.78 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a fifty-two week low of $81.83 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 earnings per share. On average, equities research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current 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 given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.16%. This is an increase 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 is 9.12%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Rosenblatt Securities dropped their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Benchmark reissued a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Bank of America reiterated a “buy” rating and set a $215.00 price objective (up from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Cantor Fitzgerald lifted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Oppenheimer reduced their price objective on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $190.29.

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.