Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Meritage Portfolio Management

Meritage Portfolio Management grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 808.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 273,439 shares of the semiconductor manufacturer's stock after buying an additional 243,324 shares during the quarter. Broadcom accounts for about 2.9% of Meritage Portfolio Management's investment portfolio, making the stock its 4th largest holding. Meritage Portfolio Management's holdings in Broadcom were worth $47,168,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. AXA S.A. grew its position in Broadcom by 2.7% in the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer's stock worth $467,334,000 after purchasing an additional 7,608 shares during the last quarter. Catalyst Financial Partners LLC lifted its position in shares of Broadcom by 943.3% during the 3rd quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer's stock valued at $3,473,000 after acquiring an additional 18,206 shares during the last quarter. Whittier Trust Co. lifted its holdings 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 in the last quarter. Summit Place Financial Advisors LLC increased its position in Broadcom by 912.6% in the 3rd quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer's stock worth $1,691,000 after purchasing an additional 8,834 shares during the last quarter. Finally, Signaturefd LLC increased its holdings in Broadcom by 913.0% in the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer's stock worth $13,624,000 after buying an additional 71,181 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction dated 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 completion of the sale, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 2.12 % 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 firm's stock in a transaction dated Tuesday, September 17th. The stock was 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. This represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have 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 Broadcom stock traded down $3.20 during trading on Thursday, reaching $170.38. The company's stock had a trading volume of 20,618,991 shares, compared to its average volume of 29,565,154. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The stock has a 50-day moving average price of $171.93 and a two-hundred day moving average price of $158.86. 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 stock has a market capitalization of $795.77 billion, a P/E ratio of 150.74, a price-to-earnings-growth ratio of 2.07 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 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. During the same period last year, the firm earned $0.95 EPS. The business's revenue for the quarter was up 47.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal 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 issued a $0.53 dividend. This is a positive change from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.24%. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is currently 184.19%.

Analysts Set New Price Targets

AVGO has been the subject of several analyst reports. The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a report on Friday, September 6th. Truist Financial raised their price objective on Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday, October 8th. Morgan Stanley boosted their price objective on Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. StockNews.com cut Broadcom from a "buy" rating to a "hold" rating in a research report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $192.79.

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.