Prossimo Advisors LLC Acquires Shares of 2,465 Broadcom Inc. (NASDAQ:AVGO)

Prossimo Advisors LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the 3rd quarter, Holdings Channel reports. The fund bought 2,465 shares of the semiconductor manufacturer’s stock, valued at approximately $425,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. Richardson Financial Services Inc. grew its stake in shares of Broadcom by 141.7% in the 1st quarter. Richardson Financial Services Inc. now owns 145 shares of the semiconductor manufacturer’s stock valued at $192,000 after purchasing an additional 85 shares during the last quarter. SPC Financial Inc. lifted its holdings in shares of Broadcom by 3.8% during the first quarter. SPC Financial Inc. now owns 731 shares of the semiconductor manufacturer’s stock worth $969,000 after purchasing an additional 27 shares during the period. Howland Capital Management LLC lifted its holdings in shares of Broadcom by 2.3% during the first quarter. Howland Capital Management LLC now owns 487 shares of the semiconductor manufacturer’s stock worth $645,000 after purchasing an additional 11 shares during the period. Texas Permanent School Fund Corp grew its position in Broadcom by 0.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 90,963 shares of the semiconductor manufacturer’s stock valued at $120,563,000 after buying an additional 335 shares during the last quarter. Finally, Mitchell Capital Management Co. increased its stake in Broadcom by 12.7% in the 1st quarter. Mitchell Capital Management Co. now owns 9,344 shares of the semiconductor manufacturer’s stock valued at $12,384,000 after buying an additional 1,056 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $173.90 on Wednesday. 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 company has a market cap of $812.21 billion, a PE ratio of 151.09, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17. The company has a 50-day simple moving average of $169.37 and a 200-day simple moving average of $156.58. Broadcom Inc. has a 12 month low of $87.12 and a 12 month high of $186.42.

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

Broadcom Increases Dividend

The firm 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. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.22%. Broadcom’s payout ratio is 184.19%.

Insider Activity

In related news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Charlie B. Kawwas sold 15,950 shares of the 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 directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AVGO has been the topic of several analyst reports. Cantor Fitzgerald lifted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Truist Financial lifted their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. 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 report on Friday, September 6th. Finally, Oppenheimer decreased their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. Two investment 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Company 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.