Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Baker Avenue Asset Management LP

Baker Avenue Asset Management LP increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 314.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,687 shares of the semiconductor manufacturer's stock after purchasing an additional 13,417 shares during the quarter. Baker Avenue Asset Management LP's holdings in Broadcom were worth $3,051,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer's stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares in the last quarter. Swedbank AB lifted its holdings in Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock worth $3,168,798,000 after buying an additional 16,453,718 shares in the last quarter. Van ECK Associates Corp boosted its position in Broadcom by 917.8% in the 3rd quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer's stock valued at $2,203,837,000 after buying an additional 11,453,554 shares during the last quarter. Raymond James & Associates increased its stake in shares of Broadcom by 855.4% in the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer's stock valued at $2,186,292,000 after buying an additional 11,347,563 shares during the period. Finally, National Pension Service raised its position in shares of Broadcom by 1,045.4% during the third quarter. National Pension Service now owns 8,273,157 shares of the semiconductor manufacturer's stock worth $1,427,120,000 after acquiring an additional 7,550,878 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AVGO. Mizuho lifted their price objective on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a research report on Monday, October 14th. William Blair started coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an "outperform" rating for the company. The Goldman Sachs Group raised their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a research note on Friday, September 6th. UBS Group increased their price target on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Finally, TD Cowen upgraded Broadcom to a "strong-buy" rating in a report on Monday, September 16th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $192.79.

Broadcom Stock Performance

Shares of AVGO stock traded down $3.20 during trading hours on Thursday, hitting $170.38. 20,618,991 shares of the company were exchanged, compared to its average volume of 29,565,154. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. 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 firm has a fifty day simple moving average of $171.93 and a 200 day simple moving average of $158.86. The stock has a market capitalization of $795.77 billion, a price-to-earnings ratio of 150.74, a P/E/G ratio of 2.07 and a beta of 1.17.

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

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid 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 yield of 1.24%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom's dividend payout ratio (DPR) is currently 184.19%.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 25,200 shares of the firm's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now directly owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. This trade represents a 3.24 % 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, insider Mark David Brazeal sold 18,900 shares of the company's stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares in the company, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last three months. 2.00% of the stock is currently owned by company insiders.

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.