Savvy Advisors Inc. Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Savvy Advisors Inc. raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 954.0% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 15,936 shares of the semiconductor manufacturer’s stock after purchasing an additional 14,424 shares during the quarter. Savvy Advisors Inc.’s holdings in Broadcom were worth $2,749,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC grew its stake in shares of Broadcom by 894.9% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 110,713 shares of the semiconductor manufacturer’s stock worth $19,098,000 after buying an additional 99,585 shares in the last quarter. Mascoma Wealth Management LLC increased its stake in Broadcom by 900.0% during the third quarter. Mascoma Wealth Management LLC now owns 1,360 shares of the semiconductor manufacturer’s stock worth $235,000 after acquiring an additional 1,224 shares during the last quarter. Intrepid Financial Planning Group LLC raised its position in Broadcom by 948.9% during the third quarter. Intrepid Financial Planning Group LLC now owns 6,010 shares of the semiconductor manufacturer’s stock valued at $1,037,000 after purchasing an additional 5,437 shares during the period. Verus Capital Partners LLC lifted its stake in shares of Broadcom by 849.4% in the 3rd quarter. Verus Capital Partners LLC now owns 6,380 shares of the semiconductor manufacturer’s stock valued at $1,101,000 after purchasing an additional 5,708 shares during the last quarter. Finally, Platform Technology Partners boosted its holdings in shares of Broadcom by 858.1% in the 3rd quarter. Platform Technology Partners now owns 2,539 shares of the semiconductor manufacturer’s stock worth $438,000 after purchasing an additional 2,274 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

NASDAQ AVGO opened at $164.84 on Friday. The firm’s fifty day simple moving average is $172.29 and its two-hundred day simple moving average is $159.14. The firm has a market capitalization of $769.90 billion, a P/E ratio of 143.34, a P/E/G ratio of 2.04 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the business earned $0.95 EPS. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. Analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a $0.53 dividend. 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 1.29%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were 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 in the company, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last three months. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AVGO. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group lifted their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Morgan Stanley increased their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Truist Financial boosted their target price on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

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.