Petra Financial Advisors Inc. Purchases 9,313 Shares of Broadcom Inc. (NASDAQ:AVGO)

Petra Financial Advisors Inc. grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 891.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 10,358 shares of the semiconductor manufacturer’s stock after buying an additional 9,313 shares during the quarter. Broadcom comprises about 1.2% of Petra Financial Advisors Inc.’s investment portfolio, making the stock its 19th largest position. Petra Financial Advisors Inc.’s holdings in Broadcom were worth $1,787,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. lifted its holdings in Broadcom by 56.3% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 10,823 shares of the semiconductor manufacturer’s stock worth $14,345,000 after buying an additional 3,898 shares during the period. Proficio Capital Partners LLC raised its holdings in shares of Broadcom by 6.1% during the first quarter. Proficio Capital Partners LLC now owns 1,644 shares of the semiconductor manufacturer’s stock valued at $2,181,000 after acquiring an additional 94 shares in the last quarter. Pictet North America Advisors SA lifted its stake in Broadcom by 148.0% in the first quarter. Pictet North America Advisors SA now owns 1,240 shares of the semiconductor manufacturer’s stock worth $1,644,000 after acquiring an additional 740 shares during the period. AA Financial Advisors LLC bought a new stake in Broadcom in the first quarter valued at $2,103,000. Finally, Rehmann Capital Advisory Group increased its position in Broadcom by 1.6% during the 1st quarter. Rehmann Capital Advisory Group now owns 1,761 shares of the semiconductor manufacturer’s stock valued at $2,335,000 after purchasing an additional 27 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and set a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Cantor Fitzgerald upped their target price on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Morgan Stanley increased their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Oppenheimer dropped their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. Finally, JPMorgan Chase & Co. increased their price objective on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $191.54.

Broadcom Trading Down 0.5 %

NASDAQ:AVGO opened at $168.92 on Monday. The firm has a market capitalization of $788.95 billion, a price-to-earnings ratio of 146.76, a price-to-earnings-growth ratio of 2.73 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. The business has a fifty day moving average price of $168.94 and a 200-day moving average price of $156.03. Broadcom Inc. has a one year low of $86.00 and a one year high of $186.42.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. Sell-side analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. Broadcom’s dividend payout ratio is currently 184.19%.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. This trade represents a 0.00 % decrease in their position. 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 quarter. Company insiders own 2.00% of the company’s stock.

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.