Empowered Funds LLC Acquires 167,450 Shares of Broadcom Inc. (NASDAQ:AVGO)

Empowered Funds LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 916.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 185,724 shares of the semiconductor manufacturer’s stock after purchasing an additional 167,450 shares during the quarter. Broadcom comprises about 0.5% of Empowered Funds LLC’s investment portfolio, making the stock its 22nd biggest position. Empowered Funds LLC’s holdings in Broadcom were worth $32,037,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. AXA S.A. raised its holdings in Broadcom by 2.7% in the 2nd 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 increased its stake 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 worth $3,473,000 after purchasing an additional 18,206 shares during the period. Whittier Trust Co. lifted its position in shares of Broadcom by 947.2% during the 3rd quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock worth $119,000,000 after purchasing an additional 623,983 shares during the last quarter. Summit Place Financial Advisors LLC boosted its stake in Broadcom by 912.6% during the 3rd quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock valued at $1,691,000 after purchasing an additional 8,834 shares during the period. Finally, Signaturefd LLC grew its holdings in Broadcom by 913.0% in the 3rd quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer’s stock valued at $13,624,000 after buying an additional 71,181 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Up 0.5 %

Shares of AVGO stock opened at $165.67 on Tuesday. The company has a market capitalization of $773.77 billion, a P/E ratio of 143.94, a P/E/G ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. 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 firm has a 50-day moving average price of $173.34 and a 200 day moving average price of $159.57.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) 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 analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 earnings per share. Research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed 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 of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.28%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 184.19%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of research analyst reports. Benchmark reiterated a “buy” rating and set a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Morgan Stanley raised their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Cantor Fitzgerald upped their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Finally, Rosenblatt Securities decreased their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $192.79.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

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.