Smith Group Asset Management LLC Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Smith Group Asset Management LLC grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 18,197.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 160,653 shares of the semiconductor manufacturer’s stock after buying an additional 159,775 shares during the quarter. Broadcom accounts for about 2.3% of Smith Group Asset Management LLC’s portfolio, making the stock its 15th largest holding. Smith Group Asset Management LLC’s holdings in Broadcom were worth $27,713,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Worth Financial Advisory Group LLC acquired a new position in shares of Broadcom in the 3rd quarter valued at $239,000. Pallas Capital Advisors LLC raised its position in shares of Broadcom by 6.6% in the third quarter. Pallas Capital Advisors LLC now owns 139,817 shares of the semiconductor manufacturer’s stock worth $23,958,000 after acquiring an additional 8,637 shares during the period. Hunter Associates Investment Management LLC raised its position in shares of Broadcom by 898.6% in the third quarter. Hunter Associates Investment Management LLC now owns 57,857 shares of the semiconductor manufacturer’s stock worth $9,988,000 after acquiring an additional 52,063 shares during the period. Deepwater Asset Management LLC grew its position in shares of Broadcom by 876.6% during the 3rd quarter. Deepwater Asset Management LLC now owns 84,631 shares of the semiconductor manufacturer’s stock valued at $14,599,000 after acquiring an additional 75,965 shares during the period. Finally, Strategic Wealth Investment Group LLC increased its stake in shares of Broadcom by 74,864.6% in the 3rd quarter. Strategic Wealth Investment Group LLC now owns 107,949 shares of the semiconductor manufacturer’s stock valued at $18,078,000 after purchasing an additional 107,805 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,080 shares of company stock worth $53,540,590. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AVGO. Mizuho increased their price target on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. 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. Oppenheimer cut their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Finally, JPMorgan Chase & Co. raised their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $191.54.

Broadcom Stock Performance

NASDAQ:AVGO opened at $169.77 on Friday. The company’s 50-day moving average is $168.89 and its two-hundred day moving average is $155.80. The firm has a market capitalization of $790.26 billion, a price-to-earnings ratio of 147.63, a PEG ratio of 2.99 and a beta of 1.17. 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 1-year low of $83.26 and a 1-year 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, topping the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during 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 firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.95 earnings per share. Analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.25%. 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 (DPR) is presently 184.35%.

Broadcom 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.