Providence Capital Advisors LLC Boosts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Providence Capital Advisors LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 877.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,330 shares of the semiconductor manufacturer’s stock after buying an additional 1,194 shares during the quarter. Providence Capital Advisors LLC’s holdings in Broadcom were worth $229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in AVGO. Castleview Partners LLC grew its stake in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 134 shares in the last quarter. Tsfg LLC boosted its holdings in shares of Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after acquiring an additional 204 shares during the period. Cedar Wealth Management LLC grew its position in shares of Broadcom by 900.0% in the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock valued at $41,000 after purchasing an additional 216 shares in the last quarter. Krane Funds Advisors LLC bought a new stake in shares of Broadcom during the 3rd quarter valued at $42,000. Finally, Highline Wealth Partners LLC purchased a new stake in Broadcom during the 3rd quarter worth about $45,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on AVGO shares. Benchmark reiterated a “buy” rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. Cantor Fitzgerald upped their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. raised their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. The Goldman Sachs Group upped their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Morgan Stanley boosted their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report 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 issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $195.96.

Broadcom Stock Performance

Broadcom stock opened at $159.67 on Friday. 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 $745.75 billion, a P/E ratio of 138.84, a P/E/G ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The firm has a 50-day moving average of $173.57 and a 200-day moving average of $161.49.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period last year, the company earned $0.95 EPS. Sell-side analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.33%. Broadcom’s dividend payout ratio is 184.35%.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company’s stock.

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.