Amalgamated Bank boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 992.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,034,851 shares of the semiconductor manufacturer's stock after acquiring an additional 940,098 shares during the quarter. Broadcom accounts for approximately 1.5% of Amalgamated Bank's investment portfolio, making the stock its 8th biggest holding. Amalgamated Bank's holdings in Broadcom were worth $178,512,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AXA S.A. raised its position in Broadcom by 2.7% during the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer's stock worth $467,334,000 after acquiring an additional 7,608 shares in the last quarter. Catalyst Financial Partners LLC raised its position in shares of Broadcom by 943.3% in the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer's stock valued at $3,473,000 after purchasing an additional 18,206 shares during the period. Whittier Trust Co. raised its position in shares of Broadcom by 947.2% in the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer's stock valued at $119,000,000 after purchasing an additional 623,983 shares during the period. Summit Place Financial Advisors LLC raised its position in shares of Broadcom by 912.6% in the third quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer's stock valued at $1,691,000 after purchasing an additional 8,834 shares during the period. Finally, Signaturefd LLC raised its position in shares of Broadcom by 913.0% in the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer's stock valued at $13,624,000 after purchasing an additional 71,181 shares during the period. 76.43% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
AVGO has been the topic of several research analyst reports. UBS Group increased their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research report on Monday. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. William Blair initiated coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an "outperform" rating on the stock. StockNews.com lowered shares of Broadcom from a "buy" rating to a "hold" rating in a research report on Tuesday, July 23rd. Finally, Benchmark reissued a "buy" rating and issued a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $192.79.
Get Our Latest Report on AVGO
Insider Transactions at Broadcom
In related news, insider Mark David Brazeal sold 18,900 shares of the firm's stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 380,560 shares of the company's stock, valued at approximately $69,596,812.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by insiders.
Broadcom Price Performance
Shares of AVGO stock traded down $0.17 on Friday, reaching $183.64. The company had a trading volume of 13,491,305 shares, compared to its average volume of 29,781,646. The stock has a market capitalization of $857.71 billion, a PE ratio of 159.55, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17. 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 Inc. has a one year low of $90.31 and a one year high of $186.42. The business's 50-day moving average is $170.75 and its 200 day moving average is $157.78.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 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 net margin of 10.88% and a return on equity of 30.12%. The business's revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal 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 issued a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.15%. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is 184.19%.
Broadcom Company Profile
(
Free Report)
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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