Acorn Wealth Advisors LLC Has $383,000 Stake in Broadcom Inc. (NASDAQ:AVGO)

Acorn Wealth Advisors LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,244.8% during the third quarter, Holdings Channel reports. The fund owned 2,219 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,054 shares during the quarter. Acorn Wealth Advisors LLC’s holdings in Broadcom were worth $383,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Jennison Associates LLC grew its position in shares of Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Broadcom by 962.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock valued at $5,519,591,000 after purchasing an additional 28,985,434 shares during the period. Fisher Asset Management LLC grew its holdings in Broadcom by 938.8% in the 3rd quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer’s stock valued at $4,040,430,000 after buying an additional 21,168,095 shares in the last quarter. Swedbank AB increased its position in Broadcom by 858.7% during the 3rd 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 during the period. Finally, Swiss National Bank lifted its holdings in shares of Broadcom by 907.0% during the third quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer’s stock worth $2,264,223,000 after buying an additional 11,822,467 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $159.67 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock has a market cap of $745.75 billion, a PE ratio of 138.72, a PEG ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The business has a 50-day simple moving average of $173.72 and a two-hundred day simple moving average of $161.28.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data 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 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 the consensus estimate of $12.98 billion. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The firm’s revenue was up 47.3% compared to the same quarter last year. Analysts anticipate 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 dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.33%. 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. Broadcom’s payout ratio is 184.19%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Benchmark reaffirmed a “buy” rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. 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 report on Monday, October 14th. The Goldman Sachs Group boosted their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. William Blair started coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. Finally, JPMorgan Chase & Co. upped their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $195.96.

Insider Buying and Selling

In related news, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. This represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total transaction of $1,671,400.00. Following the transaction, the chief executive officer now owns 1,171,910 shares of the company’s stock, valued at approximately $195,873,037.40. The trade was a 0.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have 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 insiders.

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.