Verity & Verity LLC Has $49.32 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Verity & Verity LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 901.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 285,901 shares of the semiconductor manufacturer’s stock after buying an additional 257,340 shares during the period. Broadcom makes up about 4.8% of Verity & Verity LLC’s portfolio, making the stock its largest position. Verity & Verity LLC’s holdings in Broadcom were worth $49,318,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Meeder Asset Management Inc. lifted its stake in Broadcom by 11.5% during the 3rd quarter. Meeder Asset Management Inc. now owns 12,252 shares of the semiconductor manufacturer’s stock valued at $2,113,000 after acquiring an additional 1,264 shares in the last quarter. OneAscent Financial Services LLC lifted its position in shares of Broadcom by 920.6% during the third quarter. OneAscent Financial Services LLC now owns 2,623 shares of the semiconductor manufacturer’s stock valued at $452,000 after purchasing an additional 2,366 shares in the last quarter. Chesapeake Wealth Management boosted its holdings in Broadcom by 880.1% during the third quarter. Chesapeake Wealth Management now owns 17,396 shares of the semiconductor manufacturer’s stock worth $3,001,000 after purchasing an additional 15,621 shares during the last quarter. Tranquility Partners LLC grew its position in Broadcom by 852.2% in the 3rd quarter. Tranquility Partners LLC now owns 5,942 shares of the semiconductor manufacturer’s stock worth $1,025,000 after purchasing an additional 5,318 shares in the last quarter. Finally, Vertex Planning Partners LLC purchased a new stake in Broadcom in the 3rd quarter valued at about $205,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 0.4 %

Broadcom stock opened at $163.89 on Friday. The stock has a market cap of $765.45 billion, a P/E ratio of 142.39, a PEG ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The firm’s fifty day moving average price is $173.77 and its 200-day moving average price is $160.37. 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 released 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 firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter last year, the firm posted $0.95 EPS. The company’s revenue was up 47.3% compared to the same quarter last year. Equities research analysts forecast 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. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. Broadcom’s dividend payout ratio is presently 184.19%.

Insider Activity

In related news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction dated 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 transaction, 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 11.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was 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 directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of research analyst reports. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. upped their price objective on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. William Blair began coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. Rosenblatt Securities cut their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Finally, Cantor Fitzgerald raised their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.79.

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.