16,387 Shares in Broadcom Inc. (NASDAQ:AVGO) Acquired by Joseph Group Capital Management

Joseph Group Capital Management bought a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 16,387 shares of the semiconductor manufacturer's stock, valued at approximately $2,827,000. Broadcom makes up 1.1% of Joseph Group Capital Management's portfolio, making the stock its 26th biggest holding.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. AXA S.A. boosted its holdings in Broadcom by 2.7% in the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer's stock valued at $467,334,000 after acquiring an additional 7,608 shares during the last quarter. Catalyst Financial Partners LLC grew its position in shares of Broadcom by 943.3% during the 3rd quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer's stock worth $3,473,000 after buying an additional 18,206 shares during the period. Whittier Trust Co. raised its stake in shares of Broadcom by 947.2% during the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer's stock worth $119,000,000 after buying an additional 623,983 shares during the last quarter. Summit Place Financial Advisors LLC boosted its position in shares of Broadcom by 912.6% in the 3rd quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer's stock worth $1,691,000 after purchasing an additional 8,834 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in Broadcom by 913.0% in the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer's stock valued at $13,624,000 after buying an additional 71,181 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on AVGO shares. Truist Financial increased 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. Morgan Stanley increased their price objective on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Benchmark restated a "buy" rating and issued a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. The Goldman Sachs Group raised their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a research note on Friday, September 6th. Finally, Rosenblatt Securities reduced their target price on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $192.79.

Broadcom Stock Performance

NASDAQ:AVGO traded down $1.02 during mid-day trading on Friday, hitting $162.92. 2,064,731 shares of the stock were exchanged, compared to its average volume of 29,225,750. The firm's 50-day simple moving average is $173.77 and its 200 day simple moving average is $160.37. The stock has a market capitalization of $760.93 billion, a price-to-earnings ratio of 142.39, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

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

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is presently 184.19%.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the company's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by company insiders.

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.