D.A. Davidson & CO. Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

D.A. Davidson & CO. grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 892.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 706,380 shares of the semiconductor manufacturer’s stock after buying an additional 635,183 shares during the quarter. Broadcom accounts for 1.0% of D.A. Davidson & CO.’s investment portfolio, making the stock its 16th biggest position. D.A. Davidson & CO.’s holdings in Broadcom were worth $121,851,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in AVGO. Jacobs Levy Equity Management Inc. raised its position in Broadcom by 166.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer’s stock worth $3,070,000 after purchasing an additional 1,446 shares during the period. FSA Advisors Inc. purchased a new position in shares of Broadcom in the first quarter valued at about $264,000. Cetera Investment Advisers increased its position in shares of Broadcom by 258.7% in the first quarter. Cetera Investment Advisers now owns 102,941 shares of the semiconductor manufacturer’s stock valued at $136,438,000 after acquiring an additional 74,244 shares during the period. Cetera Advisors LLC increased its position in shares of Broadcom by 95.3% in the first quarter. Cetera Advisors LLC now owns 27,454 shares of the semiconductor manufacturer’s stock valued at $36,387,000 after acquiring an additional 13,398 shares during the period. Finally, Cetera Advisor Networks LLC increased its position in shares of Broadcom by 33.9% in the first quarter. Cetera Advisor Networks LLC now owns 57,900 shares of the semiconductor manufacturer’s stock valued at $76,742,000 after acquiring an additional 14,664 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of analyst reports. Truist Financial boosted their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Mizuho boosted their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Finally, William Blair assumed coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Two investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $195.96.

Insider Activity

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 over the last three months. Insiders own 2.00% of the company’s stock.

Broadcom Stock Down 3.1 %

AVGO opened at $159.67 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a 50 day moving average price of $173.72 and a 200-day moving average price of $161.28. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The stock has a market capitalization of $745.75 billion, a price-to-earnings ratio of 138.72, a PEG ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. Equities research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.33%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is presently 184.19%.

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.