Verus Capital Partners LLC Increases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Verus Capital Partners LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 849.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,380 shares of the semiconductor manufacturer's stock after purchasing an additional 5,708 shares during the quarter. Verus Capital Partners LLC's holdings in Broadcom were worth $1,101,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Swedbank AB grew its position in Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Broadcom by 917.8% during the third quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer's stock valued at $2,203,837,000 after buying an additional 11,453,554 shares during the last quarter. Raymond James & Associates increased its position in shares of Broadcom by 855.4% during the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer's stock valued at $2,186,292,000 after acquiring an additional 11,347,563 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Broadcom by 908.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,374,079 shares of the semiconductor manufacturer's stock worth $1,962,029,000 after acquiring an additional 10,245,786 shares during the last quarter. Finally, National Pension Service lifted its position in Broadcom by 1,045.4% in the 3rd quarter. National Pension Service now owns 8,273,157 shares of the semiconductor manufacturer's stock valued at $1,427,120,000 after acquiring an additional 7,550,878 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Trading Down 3.3 %

AVGO stock traded down $5.54 during midday trading on Friday, hitting $164.84. 20,836,160 shares of the company's stock were exchanged, compared to its average volume of 29,525,910. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The business has a 50-day simple moving average of $172.84 and a two-hundred day simple moving average of $159.35. The stock has a market capitalization of $769.90 billion, a PE ratio of 143.34, a P/E/G ratio of 2.04 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

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

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a positive change 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 yield of 1.29%. Broadcom's dividend payout ratio is presently 184.35%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent analyst reports. Morgan Stanley increased 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. William Blair began coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an "outperform" rating for the company. StockNews.com downgraded shares of Broadcom from a "buy" rating to a "hold" rating in a research report on Tuesday, July 23rd. Rosenblatt Securities dropped their target price on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a report on Friday, September 6th. Finally, Truist Financial boosted their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $192.79.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the business'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 transaction, the insider now directly owns 380,560 shares of the company's stock, valued at $69,596,812.80. The trade was a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last three months. 2.00% of the stock is owned by company insiders.

Broadcom Company 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.