Evolution Wealth Advisors LLC Acquires 3,469 Shares of Broadcom Inc. (NASDAQ:AVGO)

Evolution Wealth Advisors LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2,252.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,623 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,469 shares during the period. Evolution Wealth Advisors LLC’s holdings in Broadcom were worth $625,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AVGO. Swedbank AB increased its holdings in shares of Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after buying an additional 16,453,718 shares in the last quarter. Van ECK Associates Corp increased its holdings in Broadcom by 917.8% in the 3rd quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer’s stock worth $2,203,837,000 after purchasing an additional 11,453,554 shares in the last quarter. Raymond James & Associates raised its position in Broadcom by 855.4% in the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock valued at $2,186,292,000 after purchasing an additional 11,347,563 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Broadcom by 908.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,374,079 shares of the semiconductor manufacturer’s stock valued at $1,962,029,000 after purchasing an additional 10,245,786 shares in the last quarter. Finally, National Pension Service grew its holdings in shares of Broadcom by 1,045.4% during the third quarter. National Pension Service now owns 8,273,157 shares of the semiconductor manufacturer’s stock worth $1,427,120,000 after purchasing an additional 7,550,878 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was 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 directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 sale, the insider now owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This represents a 4.73 % 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 worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 0.5 %

Shares of NASDAQ:AVGO opened at $165.67 on Tuesday. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The stock has a market capitalization of $773.77 billion, a price-to-earnings ratio of 143.94, a PEG ratio of 1.94 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. The stock’s 50-day simple moving average is $173.34 and its two-hundred day simple moving average is $159.57.

Broadcom (NASDAQ:AVGO) last announced its 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. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the business posted $0.95 earnings per share. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. Analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Truist Financial boosted their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Benchmark reiterated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. Finally, The Goldman Sachs Group raised their price objective on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $192.79.

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.