Kestra Investment Management LLC Buys New Shares in Broadcom Inc. (NASDAQ:AVGO)

Kestra Investment Management LLC purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 28,563 shares of the semiconductor manufacturer’s stock, valued at approximately $4,927,000.

A number of other hedge funds also recently made changes to their positions in the stock. AXA S.A. grew its position in Broadcom by 2.7% during the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after acquiring an additional 7,608 shares during the period. Catalyst Financial Partners LLC lifted its stake in shares of Broadcom by 943.3% in the 3rd quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock valued at $3,473,000 after purchasing an additional 18,206 shares in the last quarter. Whittier Trust Co. grew its holdings in shares of Broadcom by 947.2% during the 3rd quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock worth $119,000,000 after purchasing an additional 623,983 shares during the period. Summit Place Financial Advisors LLC grew its holdings in shares of Broadcom by 912.6% during the 3rd quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock worth $1,691,000 after purchasing an additional 8,834 shares during the period. Finally, Signaturefd LLC increased its position in Broadcom by 913.0% during the 3rd 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. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. This trade represents a 11.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. The trade was a 2.11 % 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 valued at $53,540,590 in the last quarter. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several research reports. Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Mizuho increased their price target on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Benchmark restated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Rosenblatt Securities decreased their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Finally, Cantor Fitzgerald raised their target price on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $195.96.

Broadcom Stock Up 1.5 %

Shares of Broadcom stock opened at $162.08 on Friday. The business has a 50-day moving average price of $173.39 and a 200 day moving average price of $161.69. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The firm has a market cap of $757.01 billion, a P/E ratio of 140.82, a P/E/G ratio of 1.91 and a beta of 1.17. 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, beating 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 revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. On average, sell-side analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. 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. This represents a $2.12 annualized dividend and a dividend yield of 1.31%. Broadcom’s payout ratio is 184.19%.

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.