New England Asset Management Inc. Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

New England Asset Management Inc. lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 517.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,855 shares of the semiconductor manufacturer's stock after acquiring an additional 16,640 shares during the period. New England Asset Management Inc.'s holdings in Broadcom were worth $3,425,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Swedbank AB boosted its stake in Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock valued at $3,168,798,000 after buying an additional 16,453,718 shares during the period. Swiss National Bank boosted its stake in Broadcom by 907.0% during the third quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer's stock valued at $2,264,223,000 after buying an additional 11,822,467 shares during the period. Van ECK Associates Corp boosted its stake in 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 period. Raymond James & Associates boosted its stake in 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 buying an additional 11,347,563 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Broadcom by 908.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,374,079 shares of the semiconductor manufacturer's stock valued at $1,962,029,000 after buying an additional 10,245,786 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Up 0.2 %

NASDAQ:AVGO traded up $0.29 during mid-day trading on Friday, reaching $164.23. 17,327,629 shares of the company's stock traded hands, compared to its average volume of 29,294,438. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The firm has a market capitalization of $767.05 billion, a price-to-earnings ratio of 141.23, a PEG ratio of 1.94 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a 50 day moving average price of $173.77 and a 200-day moving average price of $160.37.

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

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.29%. This is a boost from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom's payout ratio is presently 184.19%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on AVGO shares. Rosenblatt Securities dropped their price objective on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research note on Friday, September 6th. UBS Group raised their price target on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research report on Monday, November 4th. Benchmark restated a "buy" rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. Cantor Fitzgerald raised their price target on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research report on Tuesday, October 8th. Finally, Mizuho raised their price target on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $192.79.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the business's stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. The trade was a 2.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the business's stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares of the company's stock, valued at approximately $204,399,515.40. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

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.