Broadcom Inc. $AVGO Shares Acquired by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 244,162 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,238 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Broadcom were worth $80,551,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Myriad Asset Management US LP purchased a new stake in shares of Broadcom during the 3rd quarter worth $4,187,000. Grandfield & Dodd LLC boosted its holdings in Broadcom by 5.9% during the third quarter. Grandfield & Dodd LLC now owns 1,890 shares of the semiconductor manufacturer’s stock worth $624,000 after buying an additional 105 shares in the last quarter. Kingdom Financial Group LLC. grew its position in Broadcom by 151.6% during the third quarter. Kingdom Financial Group LLC. now owns 3,737 shares of the semiconductor manufacturer’s stock worth $1,233,000 after buying an additional 2,252 shares during the period. Northstar Asset Management Inc. purchased a new position in Broadcom in the third quarter valued at about $278,000. Finally, Flagship Wealth Advisors LLC lifted its position in shares of Broadcom by 66.4% during the 3rd quarter. Flagship Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $82,000 after acquiring an additional 99 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on AVGO. Deutsche Bank Aktiengesellschaft set a $430.00 price target on Broadcom and gave the stock a “buy” rating in a report on Friday, December 12th. Raymond James Financial set a $420.00 price target on Broadcom and gave the company an “outperform” rating in a research report on Thursday, November 20th. Susquehanna reiterated a “positive” rating and issued a $450.00 price objective (up from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Finally, Wells Fargo & Company raised shares of Broadcom from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $410.00 to $430.00 in a report on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $438.61.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 38,281 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $327.65, for a total transaction of $12,542,769.65. Following the completion of the transaction, the insider owned 266,494 shares of the company’s stock, valued at $87,316,759.10. This represents a 12.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kirsten M. Spears sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the completion of the sale, the chief financial officer directly owned 277,237 shares in the company, valued at $96,428,573.34. This represents a 9.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 779,901 shares of company stock valued at $284,069,237. 2.00% of the stock is owned by company insiders.

Broadcom Price Performance

Broadcom stock opened at $333.24 on Thursday. The stock has a market capitalization of $1.58 trillion, a P/E ratio of 70.01, a P/E/G ratio of 1.10 and a beta of 1.21. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $414.61. 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 firm’s 50-day moving average is $356.26 and its two-hundred day moving average is $336.89.

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

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were given a $0.65 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, December 22nd. Broadcom’s dividend payout ratio (DPR) is presently 54.62%.

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.