Inspire Investing LLC Buys 14,142 Shares of Broadcom Inc. (NASDAQ:AVGO)

Inspire Investing LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 8,570.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,307 shares of the semiconductor manufacturer’s stock after purchasing an additional 14,142 shares during the period. Inspire Investing LLC’s holdings in Broadcom were worth $2,468,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. AXA S.A. boosted its position in Broadcom by 2.7% during the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after buying an additional 7,608 shares during the period. MRA Advisory Group raised its stake in Broadcom by 954.1% in the third quarter. MRA Advisory Group now owns 9,455 shares of the semiconductor manufacturer’s stock worth $1,631,000 after buying an additional 8,558 shares in the last quarter. Ensign Peak Advisors Inc raised its stake in Broadcom by 19.1% in the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after buying an additional 84,196 shares in the last quarter. Red Spruce Capital LLC raised its stake in Broadcom by 854.9% in the third quarter. Red Spruce Capital LLC now owns 32,915 shares of the semiconductor manufacturer’s stock worth $5,678,000 after buying an additional 29,468 shares in the last quarter. Finally, Shellback Capital LP bought a new position in Broadcom in the second quarter worth about $60,368,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AVGO shares. Bank of America restated a “buy” rating and issued a $215.00 price objective (up previously from $200.00) on shares of Broadcom in a report on Monday, June 24th. William Blair initiated coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Rosenblatt Securities cut their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. The Goldman Sachs Group increased their price target on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Truist Financial raised their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $190.29.

Insider Activity at Broadcom

In related news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares in the company, valued at $6,064,917.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were 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 in the company, valued at $126,754,425.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 295,130 shares of company stock worth $50,646,622 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $181.48 on Friday. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $186.42. The stock has a market capitalization of $847.62 billion, a P/E ratio of 157.67, a PEG ratio of 2.99 and a beta of 1.17. The firm has a fifty day simple moving average of $162.91 and a two-hundred day simple moving average of $151.64. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. 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 company posted $0.95 EPS. The business’s revenue was up 47.3% on a year-over-year basis. On average, analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.17%. Broadcom’s payout ratio is currently 184.19%.

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.