Thrivent Financial for Lutherans Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Thrivent Financial for Lutherans boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,141.6% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,288,906 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,185,092 shares during the period. Thrivent Financial for Lutherans’ holdings in Broadcom were worth $222,337,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. MQS Management LLC purchased a new position in shares of Broadcom during the 1st quarter valued at approximately $478,000. Axxcess Wealth Management LLC grew its position in Broadcom by 3.3% during the first quarter. Axxcess Wealth Management LLC now owns 19,365 shares of the semiconductor manufacturer’s stock valued at $25,667,000 after buying an additional 613 shares during the period. Stamos Capital Partners L.P. increased its holdings in Broadcom by 13.3% in the first quarter. Stamos Capital Partners L.P. now owns 1,280 shares of the semiconductor manufacturer’s stock valued at $1,697,000 after buying an additional 150 shares in the last quarter. Cadence Bank raised its position in shares of Broadcom by 1.2% in the first quarter. Cadence Bank now owns 26,650 shares of the semiconductor manufacturer’s stock worth $35,322,000 after acquiring an additional 327 shares during the period. Finally, K2 Principal Fund L.P. purchased a new stake in shares of Broadcom during the 1st quarter worth about $1,922,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $165.35 on Wednesday. The stock has a market cap of $772.28 billion, a price-to-earnings ratio of 143.78, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm has a 50 day simple moving average of $173.68 and a 200-day simple moving average of $159.82. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. On average, 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. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.28%. The ex-dividend date 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 184.35%.

Analysts Set New Price Targets

AVGO has been the subject of several recent analyst reports. Truist Financial lifted their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. William Blair started coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating for the company. Mizuho lifted their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, UBS Group increased their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $192.79.

Insiders Place Their Bets

In related news, 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 transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their position. The transaction 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 business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. The trade was a 2.11 % decrease in their position. 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 over the last 90 days. 2.00% of the stock is owned by company insiders.

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.