Allen Capital Group LLC Purchases 5,915 Shares of Broadcom Inc. (NASDAQ:AVGO)

Allen Capital Group LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 980.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,518 shares of the semiconductor manufacturer’s stock after acquiring an additional 5,915 shares during the period. Allen Capital Group LLC’s holdings in Broadcom were worth $1,124,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Biltmore Family Office LLC raised its position in shares of Broadcom by 1,050.4% in the third quarter. Biltmore Family Office LLC now owns 9,077 shares of the semiconductor manufacturer’s stock valued at $1,566,000 after buying an additional 8,288 shares in the last quarter. STF Management LP raised its position in shares of Broadcom by 809.1% in the third quarter. STF Management LP now owns 67,418 shares of the semiconductor manufacturer’s stock valued at $11,630,000 after buying an additional 60,002 shares in the last quarter. CFS Investment Advisory Services LLC raised its position in shares of Broadcom by 886.3% in the third quarter. CFS Investment Advisory Services LLC now owns 29,985 shares of the semiconductor manufacturer’s stock valued at $5,172,000 after buying an additional 26,945 shares in the last quarter. Raymond James Trust N.A. raised its position in shares of Broadcom by 893.8% in the third quarter. Raymond James Trust N.A. now owns 256,130 shares of the semiconductor manufacturer’s stock valued at $44,183,000 after buying an additional 230,356 shares in the last quarter. Finally, AlphaCore Capital LLC raised its position in shares of Broadcom by 1,001.5% in the third quarter. AlphaCore Capital LLC now owns 8,955 shares of the semiconductor manufacturer’s stock valued at $1,545,000 after buying an additional 8,142 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 0.2 %

AVGO opened at $164.23 on Monday. The company has a fifty day moving average price of $173.70 and a 200-day moving average price of $160.62. The firm has a market capitalization of $767.05 billion, a P/E ratio of 142.81, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42.

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

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is a positive change 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 payout ratio is 184.35%.

Analyst Ratings Changes

AVGO has been the subject of several research analyst reports. UBS Group boosted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Benchmark restated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Truist Financial upped their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $195.96.

Insider Activity

In other news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last three months. Corporate insiders own 2.00% of the company’s stock.

Broadcom Company 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.