Castle Hook Partners LP grew its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 874.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 335,158 shares of the semiconductor manufacturer's stock after purchasing an additional 300,746 shares during the period. Broadcom makes up about 1.1% of Castle Hook Partners LP's portfolio, making the stock its 17th biggest position. Castle Hook Partners LP's holdings in Broadcom were worth $57,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Broadcom by 975.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer's stock worth $5,833,894,000 after buying an additional 30,674,902 shares during the period. Public Sector Pension Investment Board grew its holdings in Broadcom by 647.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,808,430 shares of the semiconductor manufacturer's stock valued at $311,954,000 after purchasing an additional 1,566,390 shares during the last quarter. Fiduciary Trust Co raised its position in Broadcom by 886.7% in the 3rd quarter. Fiduciary Trust Co now owns 357,958 shares of the semiconductor manufacturer's stock worth $61,748,000 after purchasing an additional 321,680 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Broadcom by 977.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,069,312 shares of the semiconductor manufacturer's stock worth $529,456,000 after purchasing an additional 2,784,463 shares during the period. Finally, Providence Capital Advisors LLC grew its stake in shares of Broadcom by 877.9% during the third quarter. Providence Capital Advisors LLC now owns 1,330 shares of the semiconductor manufacturer's stock valued at $229,000 after buying an additional 1,194 shares during the last quarter. Institutional investors own 76.43% of the company's stock.
Insiders Place Their Bets
In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, 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 position. 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. Company insiders own 2.00% of the company's stock.
Broadcom Stock Up 1.5 %
Shares of AVGO stock traded up $2.41 during trading hours on Friday, reaching $162.08. 11,024,005 shares of the company's stock were exchanged, compared to its average volume of 29,107,898. The stock has a market cap of $757.01 billion, a PE ratio of 140.82, a PEG ratio of 1.88 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. The stock's fifty day moving average price is $173.39 and its two-hundred day moving average price is $161.69. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results 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 the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company's quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 EPS. Research analysts predict that Broadcom Inc. will post 3.78 EPS 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 issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.31%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is presently 184.19%.
Analyst Ratings Changes
AVGO has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. William Blair initiated coverage on Broadcom in a report on Wednesday, September 18th. They issued an "outperform" rating for the company. TD Cowen raised Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. Benchmark reaffirmed a "buy" rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Finally, UBS Group increased their price target on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and an average price target of $195.96.
View Our Latest Analysis on AVGO
About Broadcom
(
Free Report)
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.
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