Broadcom Inc. $AVGO Stock Acquired by Soltis Investment Advisors LLC

Soltis Investment Advisors LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 41.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,647 shares of the semiconductor manufacturer’s stock after purchasing an additional 15,177 shares during the period. Broadcom makes up approximately 0.8% of Soltis Investment Advisors LLC’s investment portfolio, making the stock its 18th biggest position. Soltis Investment Advisors LLC’s holdings in Broadcom were worth $18,138,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new stake in Broadcom in the second quarter valued at about $11,998,148,000. Bank of New York Mellon Corp acquired a new position in Broadcom during the second quarter worth about $10,528,191,000. Jupiter Topco LLC acquired a new position in Broadcom during the second quarter worth about $7,396,271,000. State Street Corp lifted its holdings in shares of Broadcom by 8.7% in the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock worth $75,367,711,000 after acquiring an additional 16,651,378 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in shares of Broadcom in the second quarter worth about $5,661,216,000. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on AVGO shares. Raymond James Financial reiterated an “outperform” rating and set a $475.00 price objective (up from $450.00) on shares of Broadcom in a research report on Thursday, September 3rd. Arete Research raised their target price on shares of Broadcom from $488.00 to $530.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Oppenheimer began coverage on shares of Broadcom in a research note on Tuesday, October 27th. They set a “buy” rating on the stock. BNP Paribas Exane upped their price target on shares of Broadcom from $675.00 to $715.00 and gave the stock an “outperform” rating in a report on Friday, September 4th. Finally, KeyCorp reiterated an “overweight” rating and issued a $575.00 price target on shares of Broadcom in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $530.52.

Broadcom Price Performance

Broadcom stock opened at $322.23 on Tuesday. The firm has a market cap of $1.54 trillion, a P/E ratio of 41.15 and a beta of 1.46. The stock’s 50 day moving average is $351.88 and its 200 day moving average is $366.79. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29. Broadcom Inc. has a one year low of $289.96 and a one year high of $495.00.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, beating analysts’ consensus estimates of $3.22 by $0.10. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The business had revenue of $29.59 billion for the quarter, compared to analysts’ expectations of $29.24 billion. During the same quarter in the prior year, the firm posted $1.69 earnings per share. The business’s quarterly revenue was up 85.5% compared to the same quarter last year. As a group, research analysts expect that Broadcom Inc. will post 10.37 EPS for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were paid a $0.65 dividend. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 annualized dividend and a yield of 0.8%. Broadcom’s payout ratio is 33.21%.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.