Evolution Wealth Advisors LLC Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Evolution Wealth Advisors LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 22.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,450 shares of the semiconductor manufacturer’s stock after buying an additional 827 shares during the quarter. Evolution Wealth Advisors LLC’s holdings in Broadcom were worth $1,034,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. NCP Inc. lifted its stake in Broadcom by 615.4% in the 2nd quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after purchasing an additional 400 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Broadcom by 257.1% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 12,167 shares of the semiconductor manufacturer’s stock valued at $19,535,000 after purchasing an additional 8,760 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Broadcom by 2.2% in the second quarter. Legal & General Group Plc now owns 3,963,063 shares of the semiconductor manufacturer’s stock worth $6,362,816,000 after purchasing an additional 83,846 shares during the period. Shellback Capital LP bought a new stake in Broadcom during the second quarter valued at $60,368,000. Finally, Sender Co & Partners Inc. grew its position in Broadcom by 40.2% during the second quarter. Sender Co & Partners Inc. now owns 848 shares of the semiconductor manufacturer’s stock worth $1,361,000 after buying an additional 243 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 45,000 shares of the business’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the sale, the chief executive officer now owns 842,836 shares in the company, valued at approximately $202,246,926.56. The trade was a 5.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Check Kian Low sold 48,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the completion of the transaction, the director now owns 113,050 shares of the company’s stock, valued at approximately $26,606,317.50. The trade was a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Barclays raised their price target on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Cantor Fitzgerald raised their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. TD Cowen boosted their price target on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Robert W. Baird raised their price objective on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Truist Financial increased their target price on Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $225.83.

Broadcom Trading Up 1.8 %

NASDAQ AVGO opened at $244.70 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a fifty-two week low of $117.43 and a fifty-two week high of $251.88. The stock has a market cap of $1.15 trillion, a P/E ratio of 199.59, a price-to-earnings-growth ratio of 2.52 and a beta of 1.03. The stock has a 50 day simple moving average of $207.20 and a two-hundred day simple moving average of $180.10.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter in the previous year, the business posted $0.98 earnings per share. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. On average, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a $0.59 dividend. The ex-dividend date was Monday, December 23rd. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 0.96%. Broadcom’s dividend payout ratio (DPR) is 192.50%.

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.