Independent Advisor Alliance Has $32.36 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Independent Advisor Alliance increased its position in Broadcom Inc. (NASDAQ:AVGO) by 932.0% in the third quarter, Holdings Channel.com reports. The firm owned 187,592 shares of the semiconductor manufacturer’s stock after acquiring an additional 169,414 shares during the period. Broadcom comprises approximately 1.2% of Independent Advisor Alliance’s portfolio, making the stock its 16th largest holding. Independent Advisor Alliance’s holdings in Broadcom were worth $32,360,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. Lion Street Advisors LLC increased its holdings in shares of Broadcom by 1.9% in the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after acquiring an additional 6 shares in the last quarter. Optimum Investment Advisors increased its stake in Broadcom by 0.6% during the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock worth $2,262,000 after purchasing an additional 8 shares in the last quarter. Anderson Hoagland & Co. increased its stake in Broadcom by 0.3% during the 2nd quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer’s stock worth $4,623,000 after purchasing an additional 9 shares in the last quarter. Wealth Group Ltd raised its holdings in Broadcom by 6.0% during the 2nd quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock worth $283,000 after buying an additional 10 shares during the period. Finally, Canandaigua National Bank & Trust Co. lifted its stake in Broadcom by 1.4% in the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer’s stock valued at $1,161,000 after buying an additional 10 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Down 0.0 %

Broadcom stock opened at $164.74 on Wednesday. The company’s 50-day moving average price is $173.76 and its two-hundred day moving average price is $161.09. 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 stock has a market cap of $769.43 billion, a P/E ratio of 143.13, a P/E/G ratio of 1.93 and a beta of 1.17. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42.

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, 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 business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period last year, the firm posted $0.95 EPS. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, analysts expect that Broadcom Inc. will post 3.78 EPS for the current 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 issued a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 184.19%.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was 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 $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares of the company’s stock, valued at $70,744,366. This represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Benchmark restated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Cantor Fitzgerald boosted their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. William Blair assumed coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating for the company. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Morgan Stanley upped their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $195.96.

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.