Broadcom Inc. $AVGO is Sonora Investment Management Group LLC’s 5th Largest Position

Sonora Investment Management Group LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 124,552 shares of the semiconductor manufacturer’s stock after selling 2,025 shares during the quarter. Broadcom comprises approximately 2.9% of Sonora Investment Management Group LLC’s portfolio, making the stock its 5th biggest holding. Sonora Investment Management Group LLC’s holdings in Broadcom were worth $41,091,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in AVGO. Sawyer & Company Inc boosted its stake in shares of Broadcom by 62.1% during the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 36 shares during the last quarter. Longfellow Investment Management Co. LLC purchased a new position in shares of Broadcom during the second quarter valued at approximately $27,000. Legend Financial Advisors Inc. acquired a new stake in Broadcom during the second quarter worth approximately $28,000. Teachers Insurance & Annuity Association of America purchased a new stake in Broadcom in the 2nd quarter worth approximately $28,000. Finally, LGT Financial Advisors LLC acquired a new position in Broadcom in the 2nd quarter valued at $31,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Bank of America raised their price objective on Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a report on Friday, December 12th. JPMorgan Chase & Co. increased their target price on Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Weiss Ratings restated a “buy (b-)” rating on shares of Broadcom in a report on Monday. Deutsche Bank Aktiengesellschaft set a $430.00 price objective on shares of Broadcom and gave the company a “buy” rating in a research note on Friday, December 12th. Finally, Mizuho raised their target price on shares of Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Buy” and an average target price of $435.96.

Broadcom Stock Performance

NASDAQ AVGO opened at $326.02 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The firm has a market capitalization of $1.54 trillion, a P/E ratio of 68.49, a P/E/G ratio of 1.15 and a beta of 1.19. The business’s 50-day simple moving average is $362.96 and its 200-day simple moving average is $319.95.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The firm had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. During the same quarter in the prior year, the company earned $1.42 EPS. The company’s revenue was up 28.2% on a year-over-year basis. Equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be paid a $0.65 dividend. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is 49.58%.

Insider Activity

In related news, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Monday, December 15th. The shares were sold at an average price of $361.89, for a total transaction of $289,512.00. Following the transaction, the director owned 20,582 shares in the company, valued at approximately $7,448,419.98. The trade was a 3.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 368,797 shares of the stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $337.91, for a total value of $124,620,194.27. Following the completion of the sale, the director owned 37,722,534 shares of the company’s stock, valued at approximately $12,746,821,463.94. This represents a 0.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 791,513 shares of company stock valued at $287,708,906. Company insiders own 2.00% of the company’s stock.

Broadcom Company 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.