Icon Wealth Advisors LLC Decreases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Icon Wealth Advisors LLC decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 60.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,620 shares of the semiconductor manufacturer’s stock after selling 30,479 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Broadcom were worth $3,384,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Gamco Investors INC. ET AL lifted its holdings in Broadcom by 80.5% during the first quarter. Gamco Investors INC. ET AL now owns 897 shares of the semiconductor manufacturer’s stock valued at $1,189,000 after purchasing an additional 400 shares in the last quarter. Earnest Partners LLC increased its position in Broadcom by 11.8% during the first quarter. Earnest Partners LLC now owns 208 shares of the semiconductor manufacturer’s stock worth $276,000 after purchasing an additional 22 shares during the last quarter. Waverly Advisors LLC increased its position in Broadcom by 194.0% during the first quarter. Waverly Advisors LLC now owns 3,587 shares of the semiconductor manufacturer’s stock worth $4,754,000 after purchasing an additional 2,367 shares during the last quarter. Bayesian Capital Management LP acquired a new stake in Broadcom during the first quarter worth about $2,749,000. Finally, Kennedy Capital Management LLC acquired a new stake in shares of Broadcom during the first quarter valued at about $5,723,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares in the company, valued at approximately $69,596,812.80. This represents a 4.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 50,000 shares of the 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. This trade 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 worth $53,540,590 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $164.23 on Monday. 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 stock has a market capitalization of $767.05 billion, a price-to-earnings ratio of 142.81, a PEG ratio of 1.93 and a beta of 1.17. The stock’s fifty day simple moving average is $173.70 and its 200 day simple moving average is $160.62. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the company posted $0.95 earnings per share. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. 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. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 184.35%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on AVGO shares. Rosenblatt Securities dropped their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Benchmark reiterated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. UBS Group boosted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Mizuho boosted their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Finally, William Blair assumed coverage on Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating on the stock. Two analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $195.96.

Broadcom Company 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.