Sunburst Financial Group LLC Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

Sunburst Financial Group LLC increased its position in Broadcom Inc. (NASDAQ:AVGO) by 1,037.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 3,094 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,822 shares during the period. Sunburst Financial Group LLC’s holdings in Broadcom were worth $534,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. AXA S.A. lifted its position 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 in the last quarter. Whittier Trust Co. lifted its holdings in 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 in the last quarter. Summit Place Financial Advisors LLC lifted its holdings 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 worth $1,691,000 after purchasing an additional 8,834 shares in the last quarter. Signaturefd LLC boosted its stake in Broadcom by 913.0% in the 3rd quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer’s stock worth $13,624,000 after purchasing an additional 71,181 shares during the period. Finally, Godsey & Gibb Inc. increased its position in shares of Broadcom by 887.0% during the third quarter. Godsey & Gibb Inc. now owns 180,672 shares of the semiconductor manufacturer’s stock valued at $31,166,000 after buying an additional 162,366 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on AVGO shares. Truist Financial boosted their price objective 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. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Benchmark reiterated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. UBS Group decreased their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research note on Monday, September 9th. Finally, The Goldman Sachs Group lifted their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Two 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, the company has a consensus rating of “Moderate Buy” and a consensus price target of $191.54.

Broadcom Price Performance

Shares of Broadcom stock opened at $168.92 on Friday. 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 one year low of $86.00 and a one year high of $186.42. The stock has a market capitalization of $786.30 billion, a P/E ratio of 146.89, a price-to-earnings-growth ratio of 2.84 and a beta of 1.17. The business’s 50 day simple moving average is $168.94 and its two-hundred day simple moving average is $156.03.

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, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period last year, the firm earned $0.95 earnings per share. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. Analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.26%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 184.35%.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated 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 owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value 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 0.00 % 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, CEO Hock E. Tan sold 10,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total value of $1,671,400.00. Following the completion of the transaction, the chief executive officer now owns 1,171,910 shares of the company’s stock, valued at approximately $195,873,037.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. 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.