Hixon Zuercher LLC Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Hixon Zuercher LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 871.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,429 shares of the semiconductor manufacturer’s stock after acquiring an additional 8,458 shares during the quarter. Hixon Zuercher LLC’s holdings in Broadcom were worth $1,627,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. WealthPLAN Partners LLC raised its stake in shares of Broadcom by 122.6% in the first quarter. WealthPLAN Partners LLC now owns 1,202 shares of the semiconductor manufacturer’s stock valued at $1,593,000 after acquiring an additional 662 shares in the last quarter. Foyston Gordon & Payne Inc increased its holdings in Broadcom by 55.9% during the 1st quarter. Foyston Gordon & Payne Inc now owns 11,230 shares of the semiconductor manufacturer’s stock worth $14,884,000 after purchasing an additional 4,026 shares during the period. TCI Wealth Advisors Inc. raised its position in Broadcom by 3.1% in the 1st quarter. TCI Wealth Advisors Inc. now owns 503 shares of the semiconductor manufacturer’s stock valued at $666,000 after purchasing an additional 15 shares in the last quarter. Montag A & Associates Inc. boosted its stake in shares of Broadcom by 9.2% in the 1st quarter. Montag A & Associates Inc. now owns 6,978 shares of the semiconductor manufacturer’s stock valued at $9,249,000 after buying an additional 589 shares during the period. Finally, Nixon Peabody Trust Co. grew its position in shares of Broadcom by 12.5% during the first quarter. Nixon Peabody Trust Co. now owns 12,185 shares of the semiconductor manufacturer’s stock worth $16,150,000 after buying an additional 1,353 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. Cantor Fitzgerald raised their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. increased their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Oppenheimer decreased their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Finally, Benchmark reiterated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $192.79.

Broadcom Stock Performance

NASDAQ:AVGO opened at $183.64 on Friday. The firm has a market cap of $857.71 billion, a price-to-earnings ratio of 159.55, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17. 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 Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The firm’s fifty day moving average price is $170.75 and its 200 day moving average price is $157.78.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results 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. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 earnings per share. On average, sell-side analysts expect that Broadcom Inc. will post 3.78 EPS for the current 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 issued a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Mark David Brazeal sold 20,280 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the transaction, the insider now directly owns 399,460 shares of the company’s stock, valued at $70,744,366. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

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.