Concorde Asset Management LLC Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Concorde Asset Management LLC lifted its position in Broadcom Inc. (NASDAQ:AVGOFree Report) by 962.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,348 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,127 shares during the quarter. Concorde Asset Management LLC’s holdings in Broadcom were worth $405,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Gamco Investors INC. ET AL boosted its position in Broadcom by 80.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 897 shares of the semiconductor manufacturer’s stock valued at $1,189,000 after acquiring an additional 400 shares in the last quarter. Earnest Partners LLC boosted its position in Broadcom by 11.8% during the first quarter. Earnest Partners LLC now owns 208 shares of the semiconductor manufacturer’s stock valued at $276,000 after purchasing an additional 22 shares in the last quarter. Waverly Advisors LLC grew its stake in Broadcom by 194.0% in the first quarter. Waverly Advisors LLC now owns 3,587 shares of the semiconductor manufacturer’s stock valued at $4,754,000 after purchasing an additional 2,367 shares during the last quarter. Bayesian Capital Management LP purchased a new position in Broadcom in the first quarter valued at about $2,749,000. Finally, Kennedy Capital Management LLC bought a new position in Broadcom in the first quarter worth about $5,723,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of AVGO stock opened at $164.23 on Monday. The stock has a market cap of $767.05 billion, a PE ratio of 142.81, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The business has a 50-day simple moving average of $173.70 and a 200-day simple moving average of $160.62. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGOGet Free Report) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate 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 business’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 EPS. On average, equities analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVGO. UBS Group lifted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Mizuho upped their price target on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Benchmark reissued a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. JPMorgan Chase & Co. upped their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, Morgan Stanley raised their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $195.96.

Check Out Our Latest Report on AVGO

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was 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 $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 50,000 shares of the 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 transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 311,080 shares of company stock worth $53,540,590. Company insiders own 2.00% of the company’s stock.

About Broadcom

(Free Report)

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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