Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Icon Wealth Advisors LLC

Icon Wealth Advisors LLC decreased its position in Broadcom Inc. (NASDAQ:AVGO) by 1.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,451 shares of the semiconductor manufacturer’s stock after selling 648 shares during the quarter. Broadcom accounts for approximately 0.7% of Icon Wealth Advisors LLC’s holdings, making the stock its 25th largest position. Icon Wealth Advisors LLC’s holdings in Broadcom were worth $8,530,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in AVGO. Rockefeller Capital Management L.P. lifted its holdings in Broadcom by 858.9% in the third quarter. Rockefeller Capital Management L.P. now owns 2,599,462 shares of the semiconductor manufacturer’s stock worth $456,095,000 after acquiring an additional 2,328,367 shares during the last quarter. Providence Wealth Advisors LLC raised its position in shares of Broadcom by 910.5% during the 3rd quarter. Providence Wealth Advisors LLC now owns 22,060 shares of the semiconductor manufacturer’s stock worth $3,927,000 after purchasing an additional 19,877 shares during the period. Infrastructure Capital Advisors LLC raised its position in shares of Broadcom by 2,784.2% during the 3rd quarter. Infrastructure Capital Advisors LLC now owns 14,796 shares of the semiconductor manufacturer’s stock worth $2,552,000 after purchasing an additional 14,283 shares during the period. Hantz Financial Services Inc. lifted its holdings in shares of Broadcom by 917.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 151,667 shares of the semiconductor manufacturer’s stock worth $26,163,000 after purchasing an additional 136,761 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. boosted its position in Broadcom by 924.2% during the 3rd quarter. Northwest & Ethical Investments L.P. now owns 343,673 shares of the semiconductor manufacturer’s stock valued at $59,284,000 after purchasing an additional 310,118 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. This represents a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AVGO. Rosenblatt Securities dropped their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Morgan Stanley lifted their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. JPMorgan Chase & Co. boosted their price objective on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. William Blair assumed coverage on Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Finally, UBS Group boosted their price target on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Trading Up 1.5 %

Broadcom stock opened at $162.08 on Friday. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The firm’s 50 day moving average price is $173.39 and its two-hundred day moving average price is $161.69. The firm has a market cap of $757.01 billion, a price-to-earnings ratio of 140.82, a price-to-earnings-growth ratio of 1.88 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 (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.95 earnings per share. On average, research analysts predict 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. Investors of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.31%. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 184.19%.

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.