Concord Asset Management LLC VA Increases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Concord Asset Management LLC VA increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,014.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 44,235 shares of the semiconductor manufacturer’s stock after purchasing an additional 40,265 shares during the period. Broadcom makes up approximately 1.7% of Concord Asset Management LLC VA’s holdings, making the stock its 16th biggest holding. Concord Asset Management LLC VA’s holdings in Broadcom were worth $7,631,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AXA S.A. boosted its stake in shares of Broadcom by 2.7% in the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after purchasing an additional 7,608 shares during the period. Catalyst Financial Partners LLC boosted its position in 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 buying an additional 18,206 shares during the last quarter. Whittier Trust Co. grew its stake in shares of Broadcom by 947.2% during the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock valued at $119,000,000 after acquiring an additional 623,983 shares in the last quarter. Summit Place Financial Advisors LLC increased its position in shares of Broadcom by 912.6% during the third quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock worth $1,691,000 after acquiring an additional 8,834 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Broadcom by 913.0% in the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer’s stock worth $13,624,000 after acquiring an additional 71,181 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AVGO. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Morgan Stanley lifted their price target 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 objective 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. Finally, Rosenblatt Securities decreased their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.79.

Broadcom Stock Down 0.2 %

AVGO stock opened at $165.35 on Wednesday. The firm’s 50-day moving average is $173.68 and its two-hundred day moving average is $159.82. The company has a market capitalization 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. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. 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 (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 earnings per share. On average, analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.28%. Broadcom’s dividend payout ratio is 184.35%.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated 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 in the company, 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 link. Also, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 over the last 90 days. 2.00% of the stock is currently owned by corporate 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.