Benjamin Edwards Inc. Acquires 269,464 Shares of Broadcom Inc. (NASDAQ:AVGO)

Benjamin Edwards Inc. boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 6,999.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 273,314 shares of the semiconductor manufacturer’s stock after purchasing an additional 269,464 shares during the quarter. Benjamin Edwards Inc.’s holdings in Broadcom were worth $47,159,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Castleview Partners LLC lifted its holdings in shares of Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 134 shares during the last quarter. Pin Oak Investment Advisors Inc. raised its position in Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares during the period. Tsfg LLC lifted its stake in shares of Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 204 shares during the last quarter. Cedar Wealth Management LLC boosted its holdings in shares of Broadcom by 900.0% in the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock worth $41,000 after purchasing an additional 216 shares during the period. Finally, Krane Funds Advisors LLC purchased a new position in shares of Broadcom in the 3rd quarter worth approximately $42,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Up 1.5 %

Broadcom stock opened at $162.08 on Monday. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The business has a fifty day moving average price of $173.39 and a 200-day moving average price of $161.69. 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 stock has a market capitalization of $757.01 billion, a price-to-earnings ratio of 140.94, a PEG ratio of 1.91 and a beta of 1.17.

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, 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 company’s revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.95 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 184.35%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Morgan Stanley upped their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. William Blair started coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Cantor Fitzgerald upped their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Finally, Benchmark reiterated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $195.96.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction 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 directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 3.24 % 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 this link. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated 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 transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company’s stock.

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.