SPC Financial Inc. Buys 9,331 Shares of Broadcom Inc. (NASDAQ:AVGO)

18 Oct 2024, 12:52 by Renee Jackson · The Cerbat Gem

SPC Financial Inc. lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 1,070.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,203 shares of the semiconductor manufacturer’s stock after acquiring an additional 9,331 shares during the quarter. SPC Financial Inc.’s holdings in Broadcom were worth $1,760,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Midwest Financial Group LLC acquired a new position in shares of Broadcom in the 1st quarter worth approximately $242,000. Capital CS Group LLC bought a new stake in Broadcom during the first quarter valued at $628,000. RFG Advisory LLC grew its position in Broadcom by 15.1% during the first quarter. RFG Advisory LLC now owns 3,394 shares of the semiconductor manufacturer’s stock worth $4,499,000 after buying an additional 446 shares in the last quarter. First Affirmative Financial Network increased its stake in Broadcom by 14.0% in the 1st quarter. First Affirmative Financial Network now owns 473 shares of the semiconductor manufacturer’s stock worth $627,000 after acquiring an additional 58 shares during the last quarter. Finally, Gulf International Bank UK Ltd raised its holdings in shares of Broadcom by 2.1% in the 1st quarter. Gulf International Bank UK Ltd now owns 37,830 shares of the semiconductor manufacturer’s stock valued at $50,140,000 after acquiring an additional 766 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Truist Financial upped their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Mizuho increased their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday. Rosenblatt Securities cut their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. The Goldman Sachs Group raised their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Bank of America reaffirmed a “buy” rating and issued a $215.00 target price (up previously from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued 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 $191.54.

Read Our Latest Analysis on Broadcom

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction on Monday, October 7th. The stock was 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 owns 399,460 shares in the company, valued at approximately $70,744,366. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares in the company, valued at approximately $70,744,366. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gayla J. Delly sold 750 shares of the company’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 value 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 over the last ninety days. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

NASDAQ:AVGO opened at $181.53 on Friday. 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 Inc. has a twelve month low of $81.83 and a twelve month high of $186.42. The stock has a market cap of $845.00 billion, a P/E ratio of 7.81, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The firm’s fifty day simple moving average is $165.88 and its 200 day simple moving average is $152.92.

Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the previous year, the company earned $0.95 earnings per share. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. As a group, research analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

About Broadcom

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