Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Cumberland Partners Ltd

Cumberland Partners Ltd grew its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,252.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 99,558 shares of the semiconductor manufacturer's stock after purchasing an additional 92,197 shares during the period. Broadcom makes up about 1.2% of Cumberland Partners Ltd's holdings, making the stock its 27th largest holding. Cumberland Partners Ltd's holdings in Broadcom were worth $17,174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. Castleview Partners LLC grew its stake in shares of Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 134 shares during the period. Delta Asset Management LLC TN grew its position in Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock worth $32,000 after acquiring an additional 17 shares during the period. Tsfg LLC increased its stake in Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock worth $38,000 after acquiring an additional 204 shares during the last quarter. Krane Funds Advisors LLC purchased a new stake in Broadcom in the third quarter valued at $42,000. Finally, Highline Wealth Partners LLC purchased a new stake in Broadcom in the third quarter valued at $45,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on AVGO shares. Rosenblatt Securities lowered their price target on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a report on Friday, September 6th. Cantor Fitzgerald increased their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 8th. Benchmark reissued a "buy" rating and issued a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. The Goldman Sachs Group increased their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. Finally, StockNews.com lowered Broadcom from a "buy" rating to a "hold" rating in a research report on Tuesday, July 23rd. Two investment 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 company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $192.79.

Broadcom Stock Down 3.3 %

Broadcom stock traded down $5.54 during midday trading on Friday, reaching $164.84. The company's stock had a trading volume of 20,836,160 shares, compared to its average volume of 29,525,910. The company has a market cap of $769.90 billion, a P/E ratio of 143.34, a P/E/G ratio of 2.04 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. The business has a 50-day simple moving average of $172.84 and a 200-day simple moving average of $159.35. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 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 return on equity of 30.12% and a net margin of 10.88%. The business's revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.95 EPS. On average, research analysts expect that Broadcom Inc. will post 3.78 earnings per share 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 given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is currently 184.35%.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the business's stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now 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 disclosure for this sale can be found here. In the last quarter, insiders sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company's stock.

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.