Clarity Wealth Advisors LLC Acquires 3,697 Shares of Broadcom Inc. (NASDAQ:AVGO)

Clarity Wealth Advisors LLC lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 955.3% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 4,084 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,697 shares during the quarter. Clarity Wealth Advisors LLC’s holdings in Broadcom were worth $704,000 at the end of the most recent quarter.

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

Broadcom Price Performance

NASDAQ AVGO opened at $179.89 on Monday. The business’s fifty day moving average is $166.52 and its 200 day moving average is $153.25. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a fifty-two week low of $81.83 and a fifty-two week high of $186.42. The company has a market capitalization of $837.37 billion, a PE ratio of 7.74, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17.

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

Broadcom Increases Dividend

The business also recently declared 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 an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is currently 9.12%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent analyst reports. Mizuho lifted their price target on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. UBS Group lowered their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Truist Financial lifted their target price on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. The Goldman Sachs Group upped their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Morgan Stanley lifted their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $191.54.

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.