Broadcom Inc. $AVGO Stock Purchased by Soltis Investment Advisors LLC

Soltis Investment Advisors LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 41.6% during the third quarter, Holdings Channel.com reports. The firm owned 51,647 shares of the semiconductor manufacturer’s stock after purchasing an additional 15,177 shares during the period. Broadcom accounts for 0.8% of Soltis Investment Advisors LLC’s holdings, making the stock its 18th biggest position. Soltis Investment Advisors LLC’s holdings in Broadcom were worth $18,138,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. State Street Corp lifted its stake in shares of Broadcom by 8.7% in the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock valued at $75,367,711,000 after buying an additional 16,651,378 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Broadcom by 4.6% during the second quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer’s stock valued at $23,202,543,000 after buying an additional 2,685,916 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Broadcom by 3.8% during the second quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer’s stock worth $19,484,611,000 after acquiring an additional 1,892,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Broadcom by 2.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer’s stock worth $15,178,195,000 after acquiring an additional 1,140,598 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Broadcom in the 2nd quarter worth about $11,998,148,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Wedbush initiated coverage on Broadcom in a research note on Tuesday, October 27th. They set an “outperform” rating for the company. Sanford C. Bernstein reissued a “buy” rating on shares of Broadcom in a research note on Monday, September 21st. Weiss Ratings upgraded Broadcom from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. The Goldman Sachs Group lifted their target price on Broadcom from $525.00 to $540.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. Finally, JPMorgan Chase & Co. reiterated a “buy” rating on shares of Broadcom in a report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $530.52.

Broadcom Stock Performance

AVGO stock opened at $322.23 on Tuesday. The firm has a market cap of $1.54 trillion, a PE ratio of 41.15 and a beta of 1.46. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. The business has a 50 day moving average of $351.88 and a 200-day moving average of $366.79. Broadcom Inc. has a 12-month low of $289.96 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.22 by $0.10. The firm had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business’s revenue was up 85.5% compared to the same quarter last year. During the same period last year, the firm posted $1.69 EPS. As a group, sell-side analysts expect that Broadcom Inc. will post 10.37 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom’s dividend payout ratio is currently 33.21%.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.