Prime Capital Investment Advisors LLC Purchases 245,972 Shares of Broadcom Inc. (NASDAQ:AVGO)

Prime Capital Investment Advisors LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 940.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 272,139 shares of the semiconductor manufacturer’s stock after acquiring an additional 245,972 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Broadcom were worth $46,944,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Hemenway Trust Co LLC grew its stake in shares of Broadcom by 900.0% during the third quarter. Hemenway Trust Co LLC now owns 1,690 shares of the semiconductor manufacturer’s stock valued at $292,000 after buying an additional 1,521 shares during the last quarter. Savvy Advisors Inc. boosted its holdings in Broadcom by 954.0% during the 3rd quarter. Savvy Advisors Inc. now owns 15,936 shares of the semiconductor manufacturer’s stock valued at $2,749,000 after acquiring an additional 14,424 shares during the period. Ashton Thomas Private Wealth LLC grew its position in Broadcom by 894.9% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 110,713 shares of the semiconductor manufacturer’s stock worth $19,098,000 after acquiring an additional 99,585 shares during the last quarter. Mascoma Wealth Management LLC increased its stake in Broadcom by 900.0% in the 3rd quarter. Mascoma Wealth Management LLC now owns 1,360 shares of the semiconductor manufacturer’s stock worth $235,000 after purchasing an additional 1,224 shares during the period. Finally, Intrepid Financial Planning Group LLC lifted its position in Broadcom by 948.9% in the third quarter. Intrepid Financial Planning Group LLC now owns 6,010 shares of the semiconductor manufacturer’s stock valued at $1,037,000 after purchasing an additional 5,437 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Benchmark reiterated a “buy” rating and set a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. UBS Group upped their price target on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Rosenblatt Securities dropped their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Finally, Morgan Stanley upped their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Stock Down 3.3 %

NASDAQ:AVGO opened at $164.84 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm has a market cap of $769.90 billion, a P/E ratio of 143.34, a P/E/G ratio of 2.04 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The firm has a 50-day simple moving average of $172.29 and a two-hundred day simple moving average of $159.14.

Broadcom (NASDAQ:AVGO) last announced 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 the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.95 earnings per share. Analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 184.35%.

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.