Prospera Financial Services Inc raised its position in shares of Broadcom Inc (NASDAQ:AVGO) by 10.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,417 shares of the semiconductor manufacturer’s stock after purchasing an additional 864 shares during the period. Prospera Financial Services Inc’s holdings in Broadcom were worth $2,600,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. Convergence Investment Partners LLC boosted its stake in Broadcom by 29.0% during the 3rd quarter. Convergence Investment Partners LLC now owns 9,064 shares of the semiconductor manufacturer’s stock valued at $2,502,000 after purchasing an additional 2,035 shares during the period. ZWJ Investment Counsel Inc. boosted its stake in Broadcom by 1.9% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 129,677 shares of the semiconductor manufacturer’s stock valued at $35,800,000 after purchasing an additional 2,414 shares during the period. Nikulski Financial Inc. acquired a new position in Broadcom during the 3rd quarter valued at about $303,000. CWM LLC boosted its stake in Broadcom by 18.6% during the 3rd quarter. CWM LLC now owns 2,788 shares of the semiconductor manufacturer’s stock valued at $770,000 after purchasing an additional 437 shares during the period. Finally, Cognios Capital LLC acquired a new position in Broadcom during the 3rd quarter valued at about $245,000. 84.96% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Mark David Brazeal sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $289.43, for a total transaction of $578,860.00. Also, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $289.43, for a total transaction of $5,788,600.00. Insiders sold a total of 62,000 shares of company stock worth $17,550,860 over the last quarter. Insiders own 3.30% of the company’s stock.
Shares of NASDAQ AVGO traded down $7.86 during midday trading on Wednesday, reaching $279.60. The company’s stock had a trading volume of 1,257,339 shares, compared to its average volume of 2,195,749. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 1.58. The company has a 50 day moving average price of $283.56 and a 200 day moving average price of $286.40. Broadcom Inc has a one year low of $208.23 and a one year high of $323.20. The company has a market cap of $114.86 billion, a price-to-earnings ratio of 14.85, a price-to-earnings-growth ratio of 1.44 and a beta of 0.89.
Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.11). Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The business had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter in the previous year, the firm earned $4.98 earnings per share. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc will post 16.97 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 23rd were issued a $2.65 dividend. The ex-dividend date was Friday, September 20th. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.79%. Broadcom’s payout ratio is currently 56.29%.
A number of research analysts have issued reports on the stock. SunTrust Banks set a $322.00 target price on shares of Broadcom and gave the company a “buy” rating in a research note on Friday, September 27th. Susquehanna Bancshares boosted their target price on shares of Broadcom from $315.00 to $345.00 and gave the company a “positive” rating in a research note on Friday, September 13th. Wells Fargo & Co boosted their target price on shares of Broadcom from $290.00 to $300.00 and gave the company a “market perform” rating in a research note on Friday, September 13th. Mizuho reissued a “buy” rating and set a $340.00 target price (up from $330.00) on shares of Broadcom in a research note on Friday, September 13th. Finally, Loop Capital lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Friday, September 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-nine have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $312.06.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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