Alliance Wealth Advisors LLC Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Alliance Wealth Advisors LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 899.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,309 shares of the semiconductor manufacturer’s stock after buying an additional 2,978 shares during the period. Alliance Wealth Advisors LLC’s holdings in Broadcom were worth $571,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. AXA S.A. increased its holdings in shares of Broadcom by 2.7% in the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock worth $467,334,000 after buying an additional 7,608 shares during the period. Renaissance Investment Group LLC grew its stake in shares of Broadcom by 851.2% in the third quarter. Renaissance Investment Group LLC now owns 120,969 shares of the semiconductor manufacturer’s stock worth $20,867,000 after purchasing an additional 108,251 shares during the last quarter. MRA Advisory Group grew its position in shares of Broadcom by 954.1% in the 3rd quarter. MRA Advisory Group now owns 9,455 shares of the semiconductor manufacturer’s stock worth $1,631,000 after buying an additional 8,558 shares during the last quarter. Red Spruce Capital LLC boosted its holdings in Broadcom by 854.9% in the third quarter. Red Spruce Capital LLC now owns 32,915 shares of the semiconductor manufacturer’s stock valued at $5,678,000 after acquiring an additional 29,468 shares in the last quarter. Finally, Ensign Peak Advisors Inc lifted its position in shares of Broadcom by 19.1% in the 2nd quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after purchasing an additional 84,196 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other Broadcom 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 transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares of the company’s stock, valued at $69,596,812.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Rosenblatt Securities dropped their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Mizuho increased their price objective on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday. The Goldman Sachs Group raised their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $191.54.

Broadcom Price Performance

Shares of AVGO opened at $181.53 on Friday. The firm has a fifty day simple moving average of $165.88 and a two-hundred day simple moving average of $152.92. The firm has a market cap of $845.00 billion, a PE ratio of 7.81, a P/E/G ratio of 2.99 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 1-year low of $81.83 and a 1-year high of $186.42.

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

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is currently 9.12%.

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.