ProVise Management Group LLC Acquires Shares of 198 Broadcom Inc. (NASDAQ:AVGO)

ProVise Management Group LLC purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the second quarter, HoldingsChannel.com reports. The fund purchased 198 shares of the semiconductor manufacturer’s stock, valued at approximately $318,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital International Ltd. CA lifted its holdings in shares of Broadcom by 1.7% during the 4th quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock worth $87,367,000 after acquiring an additional 1,310 shares during the period. Focus Financial Network Inc. ADV bought a new stake in shares of Broadcom during the 4th quarter worth approximately $2,238,000. Gryphon Financial Partners LLC lifted its holdings in shares of Broadcom by 99.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after acquiring an additional 801 shares during the period. Steward Partners Investment Solutions LLC bought a new stake in shares of Broadcom during the 4th quarter worth approximately $2,205,000. Finally, Acadian Asset Management LLC lifted its holdings in shares of Broadcom by 168.8% during the 2nd quarter. Acadian Asset Management LLC now owns 33,044 shares of the semiconductor manufacturer’s stock worth $53,046,000 after acquiring an additional 20,753 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 2.2 %

Shares of NASDAQ AVGO opened at $171.10 on Friday. The firm has a market cap of $796.45 billion, a PE ratio of 7.36, a P/E/G ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16. The company’s fifty day simple moving average is $156.81 and its 200 day simple moving average is $146.91. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.24%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AVGO. Melius initiated coverage on shares of Broadcom in a report on Monday, June 3rd. They set a “buy” rating and a $185.00 price target for the company. Sanford C. Bernstein increased their price objective on shares of Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Citigroup reissued a “buy” rating and issued a $156.00 price objective on shares of Broadcom in a research note on Tuesday, June 11th. UBS Group dropped their price objective on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Two equities research 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

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.