Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Bank of Montreal Can

Bank of Montreal Can grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 814.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,096,312 shares of the semiconductor manufacturer's stock after purchasing an additional 14,335,935 shares during the quarter. Broadcom makes up 1.2% of Bank of Montreal Can's investment portfolio, making the stock its 12th largest position. Bank of Montreal Can owned approximately 0.34% of Broadcom worth $2,779,672,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Jacobs Levy Equity Management Inc. lifted its stake in Broadcom by 166.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer's stock worth $3,070,000 after purchasing an additional 1,446 shares during the last quarter. FSA Advisors Inc. purchased a new stake in shares of Broadcom during the 1st quarter worth approximately $264,000. Cetera Investment Advisers boosted its holdings in shares of Broadcom by 258.7% in the 1st quarter. Cetera Investment Advisers now owns 102,941 shares of the semiconductor manufacturer's stock valued at $136,438,000 after buying an additional 74,244 shares in the last quarter. Cetera Advisors LLC grew its position in shares of Broadcom by 95.3% in the 1st quarter. Cetera Advisors LLC now owns 27,454 shares of the semiconductor manufacturer's stock valued at $36,387,000 after buying an additional 13,398 shares during the last quarter. Finally, Cetera Advisor Networks LLC grew its position in shares of Broadcom by 33.9% in the 1st quarter. Cetera Advisor Networks LLC now owns 57,900 shares of the semiconductor manufacturer's stock valued at $76,742,000 after buying an additional 14,664 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 18,900 shares of the company's stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This represents a 4.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on AVGO shares. UBS Group upped their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Benchmark restated a "buy" rating and set a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. 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. Morgan Stanley increased their price objective on Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Finally, Rosenblatt Securities reduced their price target on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research report on Friday, September 6th. Two 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 company. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and an average price target of $195.96.

Broadcom Price Performance

Broadcom stock traded down $5.07 during mid-day trading on Thursday, reaching $159.67. The company had a trading volume of 19,722,723 shares, compared to its average volume of 29,185,664. The stock's 50-day simple moving average is $173.72 and its 200-day simple moving average is $161.28. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a market capitalization of $745.75 billion, a P/E ratio of 138.84, a P/E/G ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom's quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the business posted $0.95 EPS. On average, equities analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.33%. This is a boost from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is presently 184.35%.

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.