Broadcom Inc. $AVGO is Sonora Investment Management Group LLC’s 5th Largest Position

Sonora Investment Management Group LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 124,552 shares of the semiconductor manufacturer’s stock after selling 2,025 shares during the period. Broadcom comprises approximately 2.9% of Sonora Investment Management Group LLC’s holdings, making the stock its 5th biggest holding. Sonora Investment Management Group LLC’s holdings in Broadcom were worth $41,091,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its stake in shares of Broadcom by 2.4% during the 2nd quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock valued at $469,566,000 after buying an additional 39,466 shares during the last quarter. Capital Counsel LLC NY bought a new stake in shares of Broadcom in the second quarter worth $221,000. Waterloo Capital L.P. raised its holdings in Broadcom by 7.0% in the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock valued at $13,331,000 after acquiring an additional 3,180 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in Broadcom by 27.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock valued at $10,737,000 after acquiring an additional 13,978 shares during the last quarter. Finally, RiverFront Investment Group LLC grew its holdings in Broadcom by 107.6% during the 2nd quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after acquiring an additional 8,566 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. KeyCorp restated an “overweight” rating and issued a $500.00 target price (up previously from $460.00) on shares of Broadcom in a research note on Friday, December 12th. Susquehanna restated a “positive” rating and set a $450.00 price objective (up previously from $400.00) on shares of Broadcom in a research note on Thursday, December 4th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a report on Friday, December 12th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $475.00 target price (up previously from $400.00) on shares of Broadcom in a research report on Friday, December 12th. Finally, Wells Fargo & Company upped their price target on Broadcom from $255.00 to $345.00 and gave the company an “equal weight” rating in a research report on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $435.96.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $326.02 on Thursday. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61. The stock has a market cap of $1.54 trillion, a P/E ratio of 68.49, a P/E/G ratio of 1.15 and a beta of 1.19. The firm’s 50-day simple moving average is $362.96 and its 200 day simple moving average is $319.95. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The firm’s revenue for the quarter was up 28.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.42 earnings per share. Equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be paid a $0.65 dividend. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is presently 49.58%.

Insider Buying and Selling

In related news, Director Henry Samueli sold 320,316 shares of the stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the completion of the sale, the director directly owned 37,326,540 shares of the company’s stock, valued at $14,950,399,066.20. This represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the sale, the chief executive officer owned 725,638 shares of the company’s stock, valued at $246,412,152.04. The trade was a 12.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 791,513 shares of company stock worth $287,708,906 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

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.