Victory Financial Group LLC Increases Holdings in Broadcom Inc. $AVGO

Victory Financial Group LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 59.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,749 shares of the semiconductor manufacturer’s stock after buying an additional 3,617 shares during the quarter. Victory Financial Group LLC’s holdings in Broadcom were worth $2,687,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Assetmark Inc. grew its position in Broadcom by 2.4% during the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock valued at $469,566,000 after buying an additional 39,466 shares during the period. Capital Counsel LLC NY purchased a new position in shares of Broadcom during the 2nd quarter worth $221,000. Waterloo Capital L.P. boosted its stake in shares of Broadcom by 7.0% during the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after acquiring an additional 3,180 shares during the last quarter. Geneos Wealth Management Inc. grew its position in shares of Broadcom by 27.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock valued at $10,737,000 after acquiring an additional 13,978 shares during the period. Finally, RiverFront Investment Group LLC increased its stake in shares of Broadcom by 107.6% in the 2nd quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after purchasing an additional 8,566 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity

In related news, CEO Hock E. Tan sold 148,154 shares of the firm’s stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $336.67, for a total transaction of $49,879,007.18. Following the completion of the transaction, the chief executive officer directly owned 825,998 shares of the company’s stock, valued at approximately $278,088,746.66. This trade represents a 15.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kirsten M. Spears sold 7,498 shares of the business’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.66, for a total transaction of $2,606,754.68. Following the completion of the sale, the chief financial officer owned 313,330 shares in the company, valued at approximately $108,932,307.80. The trade was a 2.34% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have purchased 3,550 shares of company stock valued at $1,227,869 and have sold 665,271 shares valued at $225,483,192. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Wells Fargo & Company lifted their target price on Broadcom from $255.00 to $345.00 and gave the company an “equal weight” rating in a research report on Friday, September 5th. Macquarie started coverage on Broadcom in a research note on Monday, September 15th. They issued an “outperform” rating and a $420.00 price objective on the stock. Mizuho set a $435.00 price objective on Broadcom and gave the company an “outperform” rating in a research note on Tuesday, October 21st. Deutsche Bank Aktiengesellschaft set a $400.00 target price on shares of Broadcom and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Finally, Barclays set a $450.00 price target on shares of Broadcom and gave the company an “overweight” rating in a report on Tuesday, October 14th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $391.04.

Broadcom Stock Up 2.4%

NASDAQ AVGO opened at $390.24 on Friday. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $403.00. The company has a current ratio of 1.50, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86. The stock has a market cap of $1.84 trillion, a PE ratio of 99.55, a P/E/G ratio of 1.30 and a beta of 1.19. The stock’s 50 day moving average is $356.79 and its 200 day moving average is $311.56.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.03. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. The business had revenue of $15.95 billion during the quarter, compared to analyst estimates of $15.82 billion. During the same period last year, the firm posted $1.24 EPS. The company’s revenue was up 22.0% on a year-over-year basis. Research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Profile

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.