Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Morse Asset Management Inc

Morse Asset Management Inc boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 897.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 65,859 shares of the semiconductor manufacturer’s stock after acquiring an additional 59,254 shares during the quarter. Broadcom comprises about 2.5% of Morse Asset Management Inc’s investment portfolio, making the stock its 7th biggest holding. Morse Asset Management Inc’s holdings in Broadcom were worth $11,361,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Lion Street Advisors LLC grew its holdings in shares of Broadcom by 1.9% during the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after purchasing an additional 6 shares during the last quarter. Optimum Investment Advisors grew its holdings in shares of Broadcom by 0.6% during the second quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock worth $2,262,000 after purchasing an additional 8 shares during the last quarter. Canandaigua National Bank & Trust Co. grew its holdings in shares of Broadcom by 1.4% during the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer’s stock worth $1,161,000 after purchasing an additional 10 shares during the last quarter. Shira Ridge Wealth Management grew its holdings in shares of Broadcom by 6.3% during the second quarter. Shira Ridge Wealth Management now owns 170 shares of the semiconductor manufacturer’s stock worth $273,000 after purchasing an additional 10 shares during the last quarter. Finally, VanderPol Investments L.L.C. grew its holdings in shares of Broadcom by 7.0% during the second quarter. VanderPol Investments L.L.C. now owns 198 shares of the semiconductor manufacturer’s stock worth $318,000 after purchasing an additional 13 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of several research analyst reports. JPMorgan Chase & Co. increased their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. UBS Group raised their price target on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Rosenblatt Securities decreased their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Morgan Stanley raised their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, Cantor Fitzgerald raised their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Trading Up 1.0 %

NASDAQ AVGO opened at $168.15 on Wednesday. The firm has a market cap of $785.36 billion, a P/E ratio of 146.09, a P/E/G ratio of 1.96 and a beta of 1.13. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock’s 50-day moving average is $173.12 and its 200-day moving average is $162.12. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42.

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

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

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.