Balentine LLC Purchases 2,960 Shares of Broadcom Inc. (NASDAQ:AVGO)

Balentine LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 905.2% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 3,287 shares of the semiconductor manufacturer's stock after acquiring an additional 2,960 shares during the period. Balentine LLC's holdings in Broadcom were worth $567,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. WealthPLAN Partners LLC grew its holdings in shares of Broadcom by 122.6% in the first quarter. WealthPLAN Partners LLC now owns 1,202 shares of the semiconductor manufacturer's stock worth $1,593,000 after acquiring an additional 662 shares during the period. Foyston Gordon & Payne Inc grew its stake in shares of Broadcom by 55.9% during the 1st quarter. Foyston Gordon & Payne Inc now owns 11,230 shares of the semiconductor manufacturer's stock valued at $14,884,000 after purchasing an additional 4,026 shares during the period. TCI Wealth Advisors Inc. increased its position in shares of Broadcom by 3.1% during the 1st quarter. TCI Wealth Advisors Inc. now owns 503 shares of the semiconductor manufacturer's stock valued at $666,000 after purchasing an additional 15 shares during the last quarter. Montag A & Associates Inc. lifted its stake in shares of Broadcom by 9.2% in the 1st quarter. Montag A & Associates Inc. now owns 6,978 shares of the semiconductor manufacturer's stock worth $9,249,000 after purchasing an additional 589 shares during the period. Finally, Nixon Peabody Trust Co. boosted its holdings in shares of Broadcom by 12.5% in the first quarter. Nixon Peabody Trust Co. now owns 12,185 shares of the semiconductor manufacturer's stock worth $16,150,000 after buying an additional 1,353 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the business'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 transaction, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Charlie B. Kawwas sold 25,200 shares of the company's 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 transaction, the insider now owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the firm'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 sale, the insider now directly owns 737,330 shares of the company's stock, valued at $133,781,155.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 over the last three months. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have commented on AVGO. TD Cowen raised shares of Broadcom to a "strong-buy" rating in a report on Monday, September 16th. JPMorgan Chase & Co. lifted their target price on Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. Oppenheimer reduced their price target on Broadcom from $2,000.00 to $200.00 and set an "outperform" rating for the company in a research report on Tuesday, July 16th. Mizuho boosted their price objective on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. Finally, StockNews.com cut shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $192.79.

Broadcom Price Performance

Broadcom stock traded down $0.17 during mid-day trading on Friday, reaching $183.64. 13,503,154 shares of the company's stock traded hands, compared to its average volume of 18,921,780. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The company has a market cap of $857.71 billion, a price-to-earnings ratio of 159.55, a PEG ratio of 2.11 and a beta of 1.17. The stock has a 50 day moving average of $170.75 and a two-hundred day moving average of $157.78. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm 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 EPS. The firm's revenue for the quarter was up 47.3% compared to the same quarter last year. Equities analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.15%. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is currently 184.19%.

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.