Glenmede Trust Co. NA Increases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Glenmede Trust Co. NA increased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 877.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 310,009 shares of the semiconductor manufacturer's stock after purchasing an additional 278,300 shares during the period. Glenmede Trust Co. NA's holdings in Broadcom were worth $53,477,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. increased its holdings in shares of Broadcom by 166.2% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer's stock valued at $3,070,000 after purchasing an additional 1,446 shares in the last quarter. Soltis Investment Advisors LLC increased its holdings in shares of Broadcom by 7.4% during the 1st quarter. Soltis Investment Advisors LLC now owns 521 shares of the semiconductor manufacturer's stock valued at $690,000 after purchasing an additional 36 shares in the last quarter. Cypress Asset Management Inc. TX increased its holdings in shares of Broadcom by 26.1% during the 1st quarter. Cypress Asset Management Inc. TX now owns 6,190 shares of the semiconductor manufacturer's stock valued at $8,345,000 after purchasing an additional 1,282 shares in the last quarter. American Trust increased its holdings in shares of Broadcom by 9.8% during the 1st quarter. American Trust now owns 495 shares of the semiconductor manufacturer's stock valued at $656,000 after purchasing an additional 44 shares in the last quarter. Finally, Jackson Wealth Management LLC increased its holdings in shares of Broadcom by 2.2% during the 1st quarter. Jackson Wealth Management LLC now owns 18,312 shares of the semiconductor manufacturer's stock valued at $24,271,000 after purchasing an additional 386 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Up 1.5 %

AVGO traded up $2.41 on Friday, hitting $162.08. The company had a trading volume of 11,024,005 shares, compared to its average volume of 29,107,898. The firm has a market cap of $757.01 billion, a P/E ratio of 138.72, a PEG ratio of 1.88 and a beta of 1.17. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company's fifty day moving average price is $173.57 and its 200 day moving average price is $161.49. 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 issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom'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. As a group, equities analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This is a positive change from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.31%. Broadcom's dividend payout ratio is 184.19%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Truist Financial lifted their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. The Goldman Sachs Group lifted their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a report on Friday, September 6th. William Blair assumed coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an "outperform" rating on the stock. Mizuho lifted their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. Finally, Benchmark reissued a "buy" rating and issued a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $195.96.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 18,900 shares of the company'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 sale, the insider now directly owns 380,560 shares in the company, valued at approximately $69,596,812.80. This represents a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the company'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 transaction of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 over the last three months. Company 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.