Cravens & Co Advisors LLC Acquires 10,935 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cravens & Co Advisors LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 814.2% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,278 shares of the semiconductor manufacturer’s stock after buying an additional 10,935 shares during the period. Broadcom accounts for about 1.6% of Cravens & Co Advisors LLC’s holdings, making the stock its 12th largest holding. Cravens & Co Advisors LLC’s holdings in Broadcom were worth $2,118,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. RiverGlades Family Offices LLC grew its position in Broadcom by 900.0% during the 3rd quarter. RiverGlades Family Offices LLC now owns 1,310 shares of the semiconductor manufacturer’s stock valued at $226,000 after purchasing an additional 1,179 shares during the last quarter. Glenmede Trust Co. NA grew its holdings in shares of Broadcom by 877.7% during the third quarter. Glenmede Trust Co. NA now owns 310,009 shares of the semiconductor manufacturer’s stock valued at $53,477,000 after buying an additional 278,300 shares during the last quarter. Bridgewater Associates LP grew its holdings in shares of Broadcom by 3,805.5% during the third quarter. Bridgewater Associates LP now owns 955,433 shares of the semiconductor manufacturer’s stock valued at $164,812,000 after buying an additional 930,969 shares during the last quarter. Freedom Investment Management Inc. purchased a new position in Broadcom in the 3rd quarter worth approximately $1,577,000. Finally, Insight Wealth Partners LLC raised its holdings in Broadcom by 898.5% in the 3rd quarter. Insight Wealth Partners LLC now owns 7,259 shares of the semiconductor manufacturer’s stock worth $1,252,000 after acquiring an additional 6,532 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on AVGO shares. Truist Financial lifted their target price on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Benchmark reiterated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Mizuho boosted their target price on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group raised their price target on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Cantor Fitzgerald boosted their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $195.96.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were 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 directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 in the last 90 days. Insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

NASDAQ AVGO opened at $159.67 on Friday. The business has a 50-day moving average price of $173.57 and a 200-day moving average price of $161.49. The firm has a market cap of $745.75 billion, a price-to-earnings ratio of 138.84, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data 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 business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period last year, the firm posted $0.95 EPS. The company’s revenue was up 47.3% on a year-over-year basis. As a group, equities research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.33%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s 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.