Prosperity Financial Group Inc. Acquires 8,756 Shares of Broadcom Inc. (NASDAQ:AVGO)

Prosperity Financial Group Inc. increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 955.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 9,672 shares of the semiconductor manufacturer’s stock after purchasing an additional 8,756 shares during the period. Prosperity Financial Group Inc.’s holdings in Broadcom were worth $1,668,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. AXA S.A. raised its holdings in shares of Broadcom by 2.7% during the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock worth $467,334,000 after acquiring an additional 7,608 shares during the period. Catalyst Financial Partners LLC lifted its holdings in shares of Broadcom by 943.3% in the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock valued at $3,473,000 after purchasing an additional 18,206 shares in the last quarter. Whittier Trust Co. lifted its holdings in shares of Broadcom by 947.2% in the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock valued at $119,000,000 after purchasing an additional 623,983 shares in the last quarter. Summit Place Financial Advisors LLC boosted its position in shares of Broadcom by 912.6% during the third quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock worth $1,691,000 after buying an additional 8,834 shares during the period. Finally, Signaturefd LLC grew its holdings in shares of Broadcom by 913.0% during the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer’s stock worth $13,624,000 after buying an additional 71,181 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Truist Financial lifted their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Morgan Stanley increased their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, JPMorgan Chase & Co. lifted their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $195.96.

Broadcom Trading Down 0.0 %

AVGO stock opened at $164.74 on Wednesday. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The company’s 50-day simple moving average is $173.76 and its 200 day simple moving average is $161.09. The company has a market capitalization of $769.43 billion, a PE ratio of 143.13, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17.

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

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is 184.19%.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the transaction, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. The trade was a 4.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares in the company, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last quarter. 2.00% of the stock is owned by corporate insiders.

Broadcom 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.