Concurrent Investment Advisors LLC Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Concurrent Investment Advisors LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 945.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 116,360 shares of the semiconductor manufacturer’s stock after acquiring an additional 105,230 shares during the period. Broadcom makes up about 0.6% of Concurrent Investment Advisors LLC’s holdings, making the stock its 29th largest holding. Concurrent Investment Advisors LLC’s holdings in Broadcom were worth $20,072,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. WNY Asset Management LLC increased its holdings in Broadcom by 5.4% in the 1st quarter. WNY Asset Management LLC now owns 315 shares of the semiconductor manufacturer’s stock valued at $417,000 after purchasing an additional 16 shares during the last quarter. Choate Investment Advisors raised its holdings in shares of Broadcom by 1.6% in the 1st quarter. Choate Investment Advisors now owns 2,360 shares of the semiconductor manufacturer’s stock valued at $3,128,000 after buying an additional 37 shares during the period. NorthRock Partners LLC lifted its stake in Broadcom by 24.5% during the 1st quarter. NorthRock Partners LLC now owns 3,150 shares of the semiconductor manufacturer’s stock worth $4,175,000 after acquiring an additional 620 shares in the last quarter. Meeder Asset Management Inc. lifted its stake in Broadcom by 36.3% during the 1st quarter. Meeder Asset Management Inc. now owns 23,003 shares of the semiconductor manufacturer’s stock worth $30,488,000 after acquiring an additional 6,132 shares in the last quarter. Finally, Meeder Advisory Services Inc. boosted its holdings in Broadcom by 5.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 6,376 shares of the semiconductor manufacturer’s stock valued at $8,451,000 after acquiring an additional 305 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of Broadcom stock opened at $183.64 on Friday. The stock has a market capitalization of $857.71 billion, a price-to-earnings ratio of 159.55, a PEG ratio of 2.11 and a beta of 1.17. The firm’s fifty day simple moving average is $170.75 and its 200-day simple moving average is $157.78. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating 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 company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the business posted $0.95 earnings per share. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. As a group, equities analysts forecast 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 given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.15%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the transaction, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The stock was 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 $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Mizuho increased their price target on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. TD Cowen raised Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. lifted their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, UBS Group lifted their price objective on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $192.79.

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.