Ascent Group LLC Boosts Position in Broadcom Inc. (NASDAQ:AVGO)

Ascent Group LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 873.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 48,634 shares of the semiconductor manufacturer’s stock after buying an additional 43,640 shares during the quarter. Ascent Group LLC’s holdings in Broadcom were worth $8,389,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Burns Matteson Capital Management LLC acquired a new stake in shares of Broadcom during the 2nd quarter worth approximately $233,000. First Bank & Trust grew its stake in shares of Broadcom by 21.7% during the 2nd quarter. First Bank & Trust now owns 258 shares of the semiconductor manufacturer’s stock worth $414,000 after purchasing an additional 46 shares during the period. Baker Ellis Asset Management LLC grew its stake in shares of Broadcom by 3.6% during the 2nd quarter. Baker Ellis Asset Management LLC now owns 4,353 shares of the semiconductor manufacturer’s stock worth $6,989,000 after purchasing an additional 151 shares during the period. Wealth Group Ltd grew its stake in Broadcom by 6.0% in the 2nd quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock valued at $283,000 after acquiring an additional 10 shares during the period. Finally, Olistico Wealth LLC grew its stake in Broadcom by 11.0% in the 2nd quarter. Olistico Wealth LLC now owns 1,126 shares of the semiconductor manufacturer’s stock valued at $1,808,000 after acquiring an additional 112 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were 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 of the company’s stock, valued at approximately $133,781,155.20. This represents a 2.12 % 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. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Mizuho raised their price objective on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. UBS Group boosted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, Benchmark restated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $162.08 on Monday. 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 stock has a 50 day moving average of $173.39 and a two-hundred day moving average of $161.69. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The stock has a market cap of $757.01 billion, a P/E ratio of 140.94, a P/E/G ratio of 1.91 and a beta of 1.17.

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, 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 during the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the company earned $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.31%. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

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.