Evernest Financial Advisors LLC Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Evernest Financial Advisors LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 3,024.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,531 shares of the semiconductor manufacturer’s stock after buying an additional 5,354 shares during the period. Evernest Financial Advisors LLC’s holdings in Broadcom were worth $954,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Community Financial Services Group LLC boosted its position in shares of Broadcom by 898.5% in the 3rd quarter. Community Financial Services Group LLC now owns 55,616 shares of the semiconductor manufacturer’s stock worth $9,594,000 after purchasing an additional 50,046 shares in the last quarter. Venture Visionary Partners LLC raised its stake in Broadcom by 888.8% during the third quarter. Venture Visionary Partners LLC now owns 94,445 shares of the semiconductor manufacturer’s stock valued at $16,292,000 after buying an additional 84,894 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Broadcom by 1,028.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 283,635 shares of the semiconductor manufacturer’s stock valued at $48,927,000 after buying an additional 258,502 shares during the last quarter. Whittier Trust Co. grew its stake in shares of Broadcom by 947.2% in the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock worth $119,000,000 after acquiring an additional 623,983 shares during the last quarter. Finally, Stewardship Advisors LLC purchased a new stake in shares of Broadcom in the third quarter worth $221,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other Broadcom 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 transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares in the company, valued at approximately $133,781,155.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. 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 quarter, insiders sold 311,080 shares of company stock valued at $53,540,590. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on AVGO shares. UBS Group dropped their price target on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research note on Monday, September 9th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Benchmark reissued a “buy” rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. The Goldman Sachs Group upped 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, StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Two equities 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 MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $191.54.

Broadcom Price Performance

Shares of Broadcom stock opened at $173.51 on Thursday. 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 12 month low of $81.83 and a 12 month high of $186.42. The stock has a 50 day moving average of $167.93 and a 200 day moving average of $154.14. The firm has a market cap of $807.67 billion, a PE ratio of 7.46, a PEG ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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%. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period last year, the firm posted $0.95 earnings per share. On average, research analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced 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 represents a $2.12 annualized dividend and a dividend yield of 1.22%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend 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.