Asset Allocation & Management Company LLC Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Asset Allocation & Management Company LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,570 shares of the semiconductor manufacturer’s stock after acquiring an additional 4,113 shares during the quarter. Broadcom comprises approximately 0.5% of Asset Allocation & Management Company LLC’s holdings, making the stock its 28th biggest holding. Asset Allocation & Management Company LLC’s holdings in Broadcom were worth $788,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in AVGO. Greenleaf Trust lifted its position in Broadcom by 919.9% during the 3rd quarter. Greenleaf Trust now owns 107,469 shares of the semiconductor manufacturer’s stock worth $18,538,000 after acquiring an additional 96,932 shares in the last quarter. Commerzbank Aktiengesellschaft FI raised its stake in shares of Broadcom by 6,099.8% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 1,014,591 shares of the semiconductor manufacturer’s stock valued at $175,017,000 after purchasing an additional 998,226 shares during the period. Meadow Creek Wealth Advisors LLC lifted its holdings in Broadcom by 912.0% in the 3rd quarter. Meadow Creek Wealth Advisors LLC now owns 17,477 shares of the semiconductor manufacturer’s stock worth $3,015,000 after buying an additional 15,750 shares in the last quarter. Plan Group Financial LLC boosted its holdings in Broadcom by 983.6% in the third quarter. Plan Group Financial LLC now owns 6,599 shares of the semiconductor manufacturer’s stock valued at $1,138,000 after purchasing an additional 5,990 shares during the last quarter. Finally, Elevated Capital Advisors LLC lifted its position in shares of Broadcom by 890.8% during the third quarter. Elevated Capital Advisors LLC now owns 8,600 shares of the semiconductor manufacturer’s stock worth $1,483,000 after purchasing an additional 7,732 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent analyst reports. Rosenblatt Securities decreased their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. JPMorgan Chase & Co. increased their price objective on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. UBS Group lowered their price objective on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Mizuho boosted their price target on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, Truist Financial lifted their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $191.54.

Broadcom Stock Up 1.0 %

Broadcom stock opened at $173.00 on Friday. 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 1-year low of $81.83 and a 1-year high of $186.42. The company has a fifty day simple moving average of $168.03 and a 200 day simple moving average of $154.41. The company has a market cap of $805.29 billion, a P/E ratio of 7.44, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 30.12% and a net margin of 10.88%. The firm’s revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.95 EPS. Research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.23%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is currently 9.12%.

Insiders Place Their Bets

In other news, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the transaction, the director now owns 34,750 shares in the company, valued at approximately $6,064,917.50. 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 news, CEO Hock E. Tan sold 50,000 shares of the firm’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 transaction 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 approximately $217,594,136.70. 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 can be accessed through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the business’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 completion of the sale, the director now owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last three months. 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.