BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Purchases 990,713 Shares of Broadcom Inc. (NASDAQ:AVGO)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 813.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,112,501 shares of the semiconductor manufacturer's stock after acquiring an additional 990,713 shares during the period. Broadcom comprises approximately 1.2% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings, making the stock its 19th largest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Broadcom were worth $191,906,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the company. FMR LLC boosted its holdings in Broadcom by 1,121.3% during the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer's stock valued at $15,594,088,000 after purchasing an additional 82,998,328 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer's stock worth $6,209,758,000 after buying an additional 32,178,542 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Broadcom by 975.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer's stock valued at $5,833,894,000 after buying an additional 30,674,902 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Broadcom by 962.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer's stock valued at $5,519,591,000 after acquiring an additional 28,985,434 shares during the period. Finally, Fisher Asset Management LLC raised its stake in Broadcom by 938.8% during the third quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer's stock worth $4,040,430,000 after acquiring an additional 21,168,095 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 20,280 shares of the business's stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the sale, the insider now directly owns 399,460 shares in the company, valued at approximately $70,744,366. The trade was a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the company's stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now owns 737,330 shares of the company's stock, valued at approximately $133,781,155.20. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

Broadcom Stock Up 1.5 %

Broadcom stock opened at $162.08 on Friday. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company has a 50 day moving average of $173.39 and a 200-day moving average of $161.69. The stock has a market capitalization of $757.01 billion, a PE ratio of 140.82, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17.

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

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This is a boost from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.31%. Broadcom's dividend payout ratio (DPR) is presently 184.19%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Benchmark reaffirmed a "buy" rating and set a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Cantor Fitzgerald increased their price target on Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 8th. Rosenblatt Securities cut their price objective on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research report on Friday, September 6th. Morgan Stanley increased their target price on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Finally, Mizuho lifted their price target on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a report on Monday, October 14th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $195.96.

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.

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