EverSource Wealth Advisors LLC Has $13.88 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

EverSource Wealth Advisors LLC lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 80,459 shares of the semiconductor manufacturer’s stock after selling 766 shares during the period. Broadcom makes up about 0.9% of EverSource Wealth Advisors LLC’s portfolio, making the stock its 25th largest holding. EverSource Wealth Advisors LLC’s holdings in Broadcom were worth $13,879,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in AVGO. Moors & Cabot Inc. grew its position in Broadcom by 911.4% during the third quarter. Moors & Cabot Inc. now owns 153,308 shares of the semiconductor manufacturer’s stock worth $26,446,000 after buying an additional 138,150 shares in the last quarter. AlpInvest Partners B.V. lifted its position in shares of Broadcom by 350.0% during the 3rd quarter. AlpInvest Partners B.V. now owns 124,531 shares of the semiconductor manufacturer’s stock valued at $21,482,000 after acquiring an additional 96,858 shares during the period. Altman Advisors Inc. grew its holdings in shares of Broadcom by 895.4% during the 3rd quarter. Altman Advisors Inc. now owns 20,017 shares of the semiconductor manufacturer’s stock worth $3,453,000 after purchasing an additional 18,006 shares in the last quarter. Bellwether Advisors LLC increased its position in shares of Broadcom by 1,014.1% in the third quarter. Bellwether Advisors LLC now owns 89,865 shares of the semiconductor manufacturer’s stock worth $15,502,000 after purchasing an additional 81,799 shares during the period. Finally, Carlyle Group Inc. raised its stake in Broadcom by 349.9% in the third quarter. Carlyle Group Inc. now owns 3,397 shares of the semiconductor manufacturer’s stock valued at $586,000 after purchasing an additional 2,642 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Morgan Stanley raised 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. William Blair initiated coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Mizuho increased their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, The Goldman Sachs Group upped their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two investment 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $192.79.

Broadcom Stock Up 0.2 %

Shares of NASDAQ AVGO opened at $164.23 on Friday. 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 market cap of $767.05 billion, a PE ratio of 142.81, a P/E/G ratio of 1.93 and a beta of 1.17. The company’s fifty day simple moving average is $173.70 and its 200 day simple moving average is $160.62. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data 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 net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The business’s revenue was up 47.3% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 184.35%.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

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.