Palisade Asset Management LLC Buys 2,443 Shares of Broadcom Inc. (NASDAQ:AVGO)

Palisade Asset Management LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,030.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,680 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,443 shares during the period. Palisade Asset Management LLC’s holdings in Broadcom were worth $462,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Algert Global LLC bought a new stake in Broadcom in the 3rd quarter worth approximately $10,411,000. One Charles Private Wealth Services LLC raised its stake in shares of Broadcom by 900.0% during the third quarter. One Charles Private Wealth Services LLC now owns 2,440 shares of the semiconductor manufacturer’s stock worth $421,000 after acquiring an additional 2,196 shares in the last quarter. Canopy Partners LLC lifted its holdings in shares of Broadcom by 944.3% in the 3rd quarter. Canopy Partners LLC now owns 6,548 shares of the semiconductor manufacturer’s stock worth $1,130,000 after acquiring an additional 5,921 shares during the last quarter. Kingsview Wealth Management LLC boosted its stake in shares of Broadcom by 1,039.6% in the 3rd quarter. Kingsview Wealth Management LLC now owns 97,869 shares of the semiconductor manufacturer’s stock valued at $16,882,000 after purchasing an additional 89,281 shares in the last quarter. Finally, M Holdings Securities Inc. boosted its stake in shares of Broadcom by 470.1% in the 3rd quarter. M Holdings Securities Inc. now owns 13,955 shares of the semiconductor manufacturer’s stock valued at $2,407,000 after purchasing an additional 11,507 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on AVGO shares. Cantor Fitzgerald boosted 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. TD Cowen raised Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Mizuho increased their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. UBS Group lifted their price target on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, William Blair initiated coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating for the company. Two equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Trading Up 0.4 %

Broadcom stock opened at $164.82 on Tuesday. The business’s fifty day simple moving average is $173.72 and its two-hundred day simple moving average is $160.86. 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 company has a market capitalization of $769.80 billion, a price-to-earnings ratio of 143.20, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for 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 business’s revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 earnings per share. As a group, equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal 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 $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Insider Transactions at Broadcom

In other news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. The trade was a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. The trade was 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 over the last quarter. 2.00% of the stock is currently owned by insiders.

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.