Atlas Legacy Advisors LLC Raises Stake in Broadcom Inc. $AVGO

Atlas Legacy Advisors LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 76.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,053 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,049 shares during the quarter. Atlas Legacy Advisors LLC’s holdings in Broadcom were worth $2,327,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Leelyn Smith LLC increased its holdings in Broadcom by 15.1% in the third quarter. Leelyn Smith LLC now owns 13,518 shares of the semiconductor manufacturer’s stock valued at $4,460,000 after buying an additional 1,776 shares in the last quarter. Outlook Wealth Advisors LLC grew its holdings in shares of Broadcom by 0.9% in the 3rd quarter. Outlook Wealth Advisors LLC now owns 8,010 shares of the semiconductor manufacturer’s stock worth $2,643,000 after acquiring an additional 72 shares during the period. Planning Center Inc. purchased a new position in Broadcom in the 3rd quarter valued at approximately $227,000. Covestor Ltd raised its holdings in Broadcom by 5.1% during the third quarter. Covestor Ltd now owns 2,214 shares of the semiconductor manufacturer’s stock worth $731,000 after purchasing an additional 108 shares during the last quarter. Finally, Accredited Investors Inc. boosted its position in Broadcom by 37.8% during the third quarter. Accredited Investors Inc. now owns 3,666 shares of the semiconductor manufacturer’s stock worth $1,209,000 after purchasing an additional 1,006 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 38,281 shares of Broadcom stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.65, for a total transaction of $12,542,769.65. Following the transaction, the insider directly owned 266,494 shares of the company’s stock, valued at $87,316,759.10. The trade was a 12.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Henry Samueli sold 320,316 shares of the business’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the completion of the sale, the director owned 37,326,540 shares in the company, valued at approximately $14,950,399,066.20. This trade represents a 0.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 779,901 shares of company stock worth $284,069,237. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 2.4%

NASDAQ:AVGO opened at $332.79 on Wednesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. The business has a 50 day simple moving average of $356.69 and a 200 day simple moving average of $336.92. The firm has a market capitalization of $1.58 trillion, a P/E ratio of 69.91, a P/E/G ratio of 1.08 and a beta of 1.21. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $414.61.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating the consensus estimate of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The firm had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. During the same period last year, the firm earned $1.42 EPS. The firm’s revenue was up 28.2% compared to the same quarter last year. Equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Monday, December 22nd. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is 54.62%.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVGO. Morgan Stanley boosted their price objective on shares of Broadcom from $443.00 to $462.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Oppenheimer increased their price target on shares of Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. JPMorgan Chase & Co. lifted their price objective on Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Evercore ISI increased their target price on Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a report on Wednesday, October 15th. Finally, Royal Bank Of Canada started coverage on Broadcom in a report on Wednesday, January 14th. They issued a “sector perform” rating and a $370.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $438.61.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.