Allspring Global Investments Holdings LLC Has $272.07 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Allspring Global Investments Holdings LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,005.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,577,226 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,434,564 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Broadcom were worth $272,072,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Legend Financial Advisors Inc. boosted its holdings in Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the last quarter. Richardson Capital Management LLC bought a new stake in Broadcom during the 1st quarter worth about $29,000. Delta Asset Management LLC TN boosted its stake in shares of Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC bought a new position in shares of Broadcom in the 1st quarter valued at about $36,000. Finally, St. Johns Investment Management Company LLC increased its position in shares of Broadcom by 4,000.0% in the first quarter. St. Johns Investment Management Company LLC now owns 41 shares of the semiconductor manufacturer’s stock valued at $54,000 after acquiring an additional 40 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity

In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction on 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 transaction, the insider now owns 737,330 shares in the company, valued at approximately $133,781,155.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Up 0.1 %

AVGO stock opened at $179.99 on Tuesday. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $186.42. The company has a market capitalization of $837.83 billion, a PE ratio of 7.74, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The company’s 50-day simple moving average is $167.14 and its 200 day simple moving average is $153.56. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The business’s revenue was up 47.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Wall Street Analyst Weigh In

Several brokerages recently commented on AVGO. The Goldman Sachs Group increased their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. JPMorgan Chase & Co. raised their target price 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. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Cantor Fitzgerald increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Finally, Bank of America restated 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. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $191.54.

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.