Proffitt & Goodson Inc. Acquires 7,120 Shares of Broadcom Inc. (NASDAQ:AVGO)

Proffitt & Goodson Inc. boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,182.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,722 shares of the semiconductor manufacturer’s stock after acquiring an additional 7,120 shares during the quarter. Proffitt & Goodson Inc.’s holdings in Broadcom were worth $1,332,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Brighton Jones LLC raised its position in shares of Broadcom by 11.8% during the first quarter. Brighton Jones LLC now owns 2,347 shares of the semiconductor manufacturer’s stock worth $3,111,000 after acquiring an additional 247 shares during the last quarter. Forum Financial Management LP raised its holdings in Broadcom by 0.8% during the 1st quarter. Forum Financial Management LP now owns 3,046 shares of the semiconductor manufacturer’s stock worth $4,037,000 after purchasing an additional 24 shares during the last quarter. GM Advisory Group LLC lifted its position in shares of Broadcom by 7.2% in the 1st quarter. GM Advisory Group LLC now owns 4,068 shares of the semiconductor manufacturer’s stock worth $5,392,000 after purchasing an additional 273 shares during the period. Wintrust Investments LLC boosted its stake in shares of Broadcom by 2.4% in the 1st quarter. Wintrust Investments LLC now owns 6,467 shares of the semiconductor manufacturer’s stock valued at $8,571,000 after purchasing an additional 154 shares during the last quarter. Finally, Banco Santander S.A. increased its position in shares of Broadcom by 10.8% during the first quarter. Banco Santander S.A. now owns 23,278 shares of the semiconductor manufacturer’s stock worth $30,853,000 after buying an additional 2,278 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AVGO. Morgan Stanley boosted their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. UBS Group upped their target price on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Truist Financial boosted their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. The Goldman Sachs Group raised their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.79.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $173.58 on Thursday. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. 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 stock has a market cap of $810.72 billion, a PE ratio of 150.81, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. The stock’s fifty day simple moving average is $171.55 and its two-hundred day simple moving average is $158.53.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 EPS. As a group, analysts forecast 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 paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis 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 payout ratio is presently 184.19%.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 50,000 shares of the firm’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 completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This 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 this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated 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 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

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.