Beacon Investment Advisory Services Inc. Acquires 95,827 Shares of Broadcom Inc. (NASDAQ:AVGO)

Beacon Investment Advisory Services Inc. grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 892.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 106,560 shares of the semiconductor manufacturer’s stock after acquiring an additional 95,827 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in Broadcom were worth $18,382,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. FMR LLC boosted its holdings in Broadcom by 1,121.3% during the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after acquiring an additional 82,998,328 shares during the period. Jennison Associates LLC lifted its position in Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Broadcom by 975.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after purchasing an additional 30,674,902 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Broadcom by 962.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock worth $5,519,591,000 after buying an additional 28,985,434 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in Broadcom by 938.8% during the 3rd quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer’s stock valued at $4,040,430,000 after buying an additional 21,168,095 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This trade represents a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have 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.

Broadcom Stock Up 1.5 %

Broadcom stock opened at $162.08 on Monday. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The stock has a fifty day simple moving average of $173.39 and a two-hundred day simple moving average of $161.69. 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 firm has a market cap of $757.01 billion, a price-to-earnings ratio of 140.94, a PEG ratio of 1.91 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the firm posted $0.95 EPS. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. Equities analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.31%. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AVGO. Truist Financial increased their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. 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 research note on Friday, September 6th. UBS Group lifted their price target on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, The Goldman Sachs Group lifted their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Two equities research 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 data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $195.96.

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.