Morse Asset Management Inc Increases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Morse Asset Management Inc lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 897.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 65,859 shares of the semiconductor manufacturer’s stock after purchasing an additional 59,254 shares during the period. Broadcom accounts for 2.5% of Morse Asset Management Inc’s holdings, making the stock its 7th biggest position. Morse Asset Management Inc’s holdings in Broadcom were worth $11,361,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in AVGO. Indiana Trust & Investment Management CO grew its holdings in Broadcom by 39.5% in the 2nd quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock valued at $85,000 after buying an additional 15 shares in the last quarter. Salem Investment Counselors Inc. grew its holdings in Broadcom by 2.9% in the 2nd quarter. Salem Investment Counselors Inc. now owns 2,712 shares of the semiconductor manufacturer’s stock valued at $4,354,000 after buying an additional 77 shares in the last quarter. TTP Investments Inc. grew its holdings in Broadcom by 5.1% in the 2nd quarter. TTP Investments Inc. now owns 3,237 shares of the semiconductor manufacturer’s stock valued at $5,196,000 after buying an additional 158 shares in the last quarter. Cherrydale Wealth Management LLC grew its holdings in Broadcom by 11.3% in the 2nd quarter. Cherrydale Wealth Management LLC now owns 354 shares of the semiconductor manufacturer’s stock valued at $568,000 after buying an additional 36 shares in the last quarter. Finally, Prentice Wealth Management LLC grew its holdings in Broadcom by 17.5% in the 2nd quarter. Prentice Wealth Management LLC now owns 710 shares of the semiconductor manufacturer’s stock valued at $1,140,000 after buying an additional 106 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Gayla J. Delly sold 750 shares of the firm’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 transaction of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This trade represents a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on AVGO shares. TD Cowen raised Broadcom to a “strong-buy” rating in a report on Monday, September 16th. William Blair started coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Benchmark reissued a “buy” rating and set a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Finally, Morgan Stanley increased their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Price Performance

Broadcom stock opened at $168.15 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $785.36 billion, a PE ratio of 146.09, a P/E/G ratio of 1.96 and a beta of 1.13. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The stock has a 50-day moving average price of $173.12 and a two-hundred day moving average price of $162.12.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during 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 business’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 earnings per share. Analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.26%. Broadcom’s dividend payout ratio is presently 184.19%.

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.