Providence Capital Advisors LLC Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Providence Capital Advisors LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 877.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,330 shares of the semiconductor manufacturer’s stock after buying an additional 1,194 shares during the period. Providence Capital Advisors LLC’s holdings in Broadcom were worth $229,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of AVGO. AXA S.A. lifted its stake in shares of Broadcom by 2.7% during the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after buying an additional 7,608 shares in the last quarter. Catalyst Financial Partners LLC raised its holdings in Broadcom by 943.3% during the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock valued at $3,473,000 after acquiring an additional 18,206 shares during the period. Whittier Trust Co. lifted its position in shares of Broadcom by 947.2% in the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock valued at $119,000,000 after acquiring an additional 623,983 shares in the last quarter. Summit Place Financial Advisors LLC boosted its stake in shares of Broadcom by 912.6% in the third quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock worth $1,691,000 after acquiring an additional 8,834 shares during the period. Finally, Signaturefd LLC grew its position in shares of Broadcom by 913.0% during the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer’s stock worth $13,624,000 after purchasing an additional 71,181 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the sale, the insider now directly owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Down 3.1 %

Shares of NASDAQ:AVGO opened at $159.67 on Friday. The business’s 50 day moving average is $173.57 and its 200 day moving average is $161.49. The stock has a market cap of $745.75 billion, a P/E ratio of 138.84, a price-to-earnings-growth ratio of 1.94 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 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:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the company earned $0.95 EPS. The business’s revenue was up 47.3% compared to the same quarter last year. Sell-side analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This is an increase 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 yield of 1.33%. Broadcom’s payout ratio is 184.35%.

Analysts Set New Price Targets

Several research firms have weighed in on AVGO. William Blair started coverage on Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating for the company. Morgan Stanley raised their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Cantor Fitzgerald boosted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Benchmark reaffirmed a “buy” rating and issued a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Finally, UBS Group raised their price target on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $195.96.

About Broadcom

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.