Alerus Financial NA Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Alerus Financial NA lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 832.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 176,743 shares of the semiconductor manufacturer's stock after acquiring an additional 157,784 shares during the quarter. Broadcom makes up approximately 2.2% of Alerus Financial NA's portfolio, making the stock its 11th largest position. Alerus Financial NA's holdings in Broadcom were worth $30,488,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Royal Capital Wealth Management LLC lifted its holdings in Broadcom by 900.0% during the third quarter. Royal Capital Wealth Management LLC now owns 2,640 shares of the semiconductor manufacturer's stock worth $455,000 after acquiring an additional 2,376 shares during the period. Lavaca Capital LLC increased its position in shares of Broadcom by 901.1% during the 3rd quarter. Lavaca Capital LLC now owns 8,860 shares of the semiconductor manufacturer's stock valued at $1,528,000 after purchasing an additional 7,975 shares during the last quarter. B&L Asset Management LLC bought a new stake in shares of Broadcom during the 3rd quarter worth $10,225,000. Erste Asset Management GmbH purchased a new position in shares of Broadcom in the 3rd quarter worth about $105,726,000. Finally, Michael & Susan Dell Foundation grew its position in Broadcom by 900.0% during the third quarter. Michael & Susan Dell Foundation now owns 3,990,000 shares of the semiconductor manufacturer's stock valued at $688,275,000 after buying an additional 3,591,000 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on AVGO shares. TD Cowen raised shares of Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. William Blair initiated coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an "outperform" rating on the stock. Benchmark reissued a "buy" rating and set a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. JPMorgan Chase & Co. boosted their target price on Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday, September 6th. Finally, Cantor Fitzgerald increased their price target on Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus price target of $195.96.

Insider Buying and Selling

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the firm's stock in a transaction dated Wednesday, September 25th. The shares were 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 directly owns 34,750 shares in the company, valued at $6,064,917.50. This trade represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the company's stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the transaction, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 over the last ninety days. 2.00% of the stock is owned by insiders.

Broadcom Trading Up 1.5 %

Shares of AVGO traded up $2.41 during mid-day trading on Friday, reaching $162.08. The company's stock had a trading volume of 11,024,005 shares, compared to its average volume of 17,582,554. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a market cap of $757.01 billion, a PE ratio of 140.82, a P/E/G ratio of 1.91 and a beta of 1.17. The company's fifty day moving average price is $173.39 and its two-hundred day moving average price is $161.69. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $12.98 billion. During the same period in the prior year, the business posted $0.95 EPS. Broadcom's quarterly revenue was up 47.3% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal 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 issued a dividend of $0.53 per share. This is a positive change from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is currently 184.19%.

About Broadcom

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.