Prospera Financial Services Inc Raises Stock Position in Broadcom Inc (NASDAQ:AVGO)

Prospera Financial Services Inc raised its stake in Broadcom Inc (NASDAQ:AVGO) by 10.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,417 shares of the semiconductor manufacturer’s stock after buying an additional 864 shares during the period. Prospera Financial Services Inc’s holdings in Broadcom were worth $2,600,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of AVGO. Buckingham Capital Management Inc. increased its stake in shares of Broadcom by 16.4% during the 1st quarter. Buckingham Capital Management Inc. now owns 15,935 shares of the semiconductor manufacturer’s stock worth $4,792,000 after purchasing an additional 2,243 shares in the last quarter. Amundi Pioneer Asset Management Inc. increased its stake in shares of Broadcom by 12.2% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 1,666,266 shares of the semiconductor manufacturer’s stock worth $501,062,000 after purchasing an additional 181,372 shares in the last quarter. Park National Corp OH increased its stake in shares of Broadcom by 105.1% during the 2nd quarter. Park National Corp OH now owns 29,681 shares of the semiconductor manufacturer’s stock worth $8,544,000 after purchasing an additional 15,209 shares in the last quarter. Private Trust Co. NA increased its stake in shares of Broadcom by 45.1% during the 2nd quarter. Private Trust Co. NA now owns 2,231 shares of the semiconductor manufacturer’s stock worth $642,000 after purchasing an additional 693 shares in the last quarter. Finally, LVM Capital Management Ltd. MI increased its stake in shares of Broadcom by 13.3% during the 2nd quarter. LVM Capital Management Ltd. MI now owns 26,165 shares of the semiconductor manufacturer’s stock worth $7,532,000 after purchasing an additional 3,070 shares in the last quarter. 84.96% of the stock is owned by institutional investors.

A number of research analysts have recently weighed in on the stock. ValuEngine cut shares of Broadcom from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. SunTrust Banks set a $322.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research note on Friday, September 27th. Sanford C. Bernstein set a $340.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research note on Friday, September 13th. Rosenblatt Securities set a $370.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research note on Friday, September 13th. Finally, Cowen set a $285.00 price objective on shares of Broadcom and gave the stock a “hold” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $312.06.

In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $270.46, for a total value of $5,409,200.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 2,000 shares of Broadcom stock in a transaction on Friday, October 11th. The shares were sold at an average price of $289.43, for a total transaction of $578,860.00. In the last quarter, insiders sold 62,000 shares of company stock worth $17,550,860. 3.30% of the stock is owned by company insiders.

Shares of AVGO traded down $7.86 during mid-day trading on Wednesday, reaching $279.60. The company had a trading volume of 1,257,339 shares, compared to its average volume of 2,195,749. The stock has a market cap of $114.86 billion, a price-to-earnings ratio of 14.85, a price-to-earnings-growth ratio of 1.44 and a beta of 0.89. The firm has a fifty day simple moving average of $283.56 and a 200-day simple moving average of $286.40. Broadcom Inc has a fifty-two week low of $208.23 and a fifty-two week high of $323.20. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 1.58.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $4.10 by ($0.11). The company had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.52 billion. Broadcom had a net margin of 13.44% and a return on equity of 34.10%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the business earned $4.98 EPS. As a group, equities analysts predict that Broadcom Inc will post 16.97 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd were issued a $2.65 dividend. The ex-dividend date was Friday, September 20th. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.79%. Broadcom’s dividend payout ratio (DPR) is presently 56.29%.

About Broadcom

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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