Foster Victor Wealth Advisors LLC Purchases 13,705 Shares of Broadcom Inc. (NASDAQ:AVGO)

Foster Victor Wealth Advisors LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 14.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 108,019 shares of the semiconductor manufacturer’s stock after buying an additional 13,705 shares during the quarter. Broadcom accounts for 1.4% of Foster Victor Wealth Advisors LLC’s holdings, making the stock its 11th biggest position. Foster Victor Wealth Advisors LLC’s holdings in Broadcom were worth $20,086,000 at the end of the most recent reporting period.

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

Broadcom Price Performance

Shares of AVGO opened at $175.98 on Wednesday. The stock has a market cap of $819.17 billion, a PE ratio of 7.57, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. 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 Inc. has a fifty-two week low of $81.83 and a fifty-two week high of $186.42. The firm’s 50-day simple moving average is $164.36 and its two-hundred day simple moving average is $152.27.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results 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 firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is a boost 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 1.20%. Broadcom’s dividend payout ratio is presently 9.12%.

Insider Buying and Selling

In related 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 value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, 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 SEC, which can be accessed through the SEC website. In related news, insider Charlie B. Kawwas sold 25,200 shares of the firm’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 sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the firm’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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 295,130 shares of company stock worth $50,646,622. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Rosenblatt Securities lowered their target price 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. William Blair began coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, Benchmark reissued a “buy” rating and set a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Two investment 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 company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $191.54.

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.