Evolution Wealth Advisors LLC Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Evolution Wealth Advisors LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 2,252.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,623 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,469 shares during the period. Evolution Wealth Advisors LLC’s holdings in Broadcom were worth $625,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Kentucky Retirement Systems Insurance Trust Fund lifted its holdings in Broadcom by 880.9% during the 3rd quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 137,819 shares of the semiconductor manufacturer’s stock valued at $23,774,000 after buying an additional 123,769 shares in the last quarter. Kentucky Retirement Systems boosted its holdings in shares of Broadcom by 887.9% in the third quarter. Kentucky Retirement Systems now owns 324,285 shares of the semiconductor manufacturer’s stock valued at $55,939,000 after purchasing an additional 291,459 shares during the period. Ipswich Investment Management Co. Inc. raised its position in Broadcom by 1,037.6% during the 3rd quarter. Ipswich Investment Management Co. Inc. now owns 4,960 shares of the semiconductor manufacturer’s stock valued at $856,000 after purchasing an additional 4,524 shares in the last quarter. Nicollet Investment Management Inc. lifted its holdings in shares of Broadcom by 900.0% in the 3rd quarter. Nicollet Investment Management Inc. now owns 1,910 shares of the semiconductor manufacturer’s stock worth $329,000 after buying an additional 1,719 shares during the period. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new stake in shares of Broadcom in the third quarter valued at about $207,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Up 0.5 %

Shares of NASDAQ AVGO opened at $165.67 on Tuesday. The business has a 50-day moving average of $173.34 and a two-hundred day moving average of $159.57. The company has a market capitalization of $773.77 billion, a price-to-earnings ratio of 143.94, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $12.98 billion. During the same period last year, the business earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced 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 is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.28%. Broadcom’s dividend payout ratio (DPR) is 184.19%.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the business’s 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 transaction, the insider now owns 737,330 shares in the company, valued at approximately $133,781,155.20. The trade was a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 in the last ninety days. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. William Blair assumed coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Morgan Stanley lifted their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. boosted their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $192.79.

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.