CRA Financial Services LLC Boosts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

CRA Financial Services LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 938.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 22,950 shares of the semiconductor manufacturer’s stock after acquiring an additional 20,740 shares during the period. Broadcom comprises about 0.7% of CRA Financial Services LLC’s portfolio, making the stock its 29th largest holding. CRA Financial Services LLC’s holdings in Broadcom were worth $3,959,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. American Trust boosted its holdings in shares of Broadcom by 2.3% during the fourth quarter. American Trust now owns 451 shares of the semiconductor manufacturer’s stock worth $503,000 after purchasing an additional 10 shares during the period. WNY Asset Management LLC boosted its holdings in shares of Broadcom by 15.9% during the fourth quarter. WNY Asset Management LLC now owns 299 shares of the semiconductor manufacturer’s stock worth $334,000 after purchasing an additional 41 shares during the period. Beacon Financial Group boosted its holdings in shares of Broadcom by 46.3% during the fourth quarter. Beacon Financial Group now owns 683 shares of the semiconductor manufacturer’s stock worth $762,000 after purchasing an additional 216 shares during the period. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Broadcom by 27.9% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 143,264 shares of the semiconductor manufacturer’s stock worth $159,918,000 after purchasing an additional 31,244 shares during the period. Finally, Syon Capital LLC boosted its holdings in shares of Broadcom by 21.9% during the fourth quarter. Syon Capital LLC now owns 4,722 shares of the semiconductor manufacturer’s stock worth $5,271,000 after purchasing an additional 847 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AVGO. UBS Group dropped their target price on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a report on Monday, September 9th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Bank of America reissued a “buy” rating and issued a $215.00 price target (up from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Benchmark reissued a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Finally, Cantor Fitzgerald increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $190.29.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 50,000 shares of the firm’s 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 approximately $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Hock E. Tan sold 50,000 shares of the firm’s 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 approximately $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom 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 transaction, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 295,130 shares of company stock worth $50,646,622. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Shares of AVGO opened at $181.48 on Friday. The company has a market capitalization of $847.62 billion, a P/E ratio of 157.67, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a 50 day moving average of $162.91 and a 200 day moving average of $151.64. Broadcom Inc. has a twelve month low of $81.83 and a twelve month high of $186.42.

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. As a group, equities research analysts anticipate 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. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.17%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 184.19%.

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.