First Business Financial Services Inc. Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

First Business Financial Services Inc. lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 870.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,742 shares of the semiconductor manufacturer's stock after acquiring an additional 32,955 shares during the quarter. Broadcom makes up 0.6% of First Business Financial Services Inc.'s holdings, making the stock its 17th biggest holding. First Business Financial Services Inc.'s holdings in Broadcom were worth $6,338,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. King Wealth Management Group lifted its stake in shares of Broadcom by 941.6% in the 3rd quarter. King Wealth Management Group now owns 2,604 shares of the semiconductor manufacturer's stock valued at $449,000 after purchasing an additional 2,354 shares during the period. Dearborn Partners LLC boosted its holdings in shares of Broadcom by 920.3% during the 3rd quarter. Dearborn Partners LLC now owns 6,540 shares of the semiconductor manufacturer's stock worth $1,128,000 after buying an additional 5,899 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Broadcom by 973.6% during the 3rd quarter. CIBC Asset Management Inc now owns 1,693,767 shares of the semiconductor manufacturer's stock worth $292,179,000 after buying an additional 1,535,998 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co increased its stake in shares of Broadcom by 901.1% in the 3rd quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 815,318 shares of the semiconductor manufacturer's stock valued at $140,642,000 after acquiring an additional 733,873 shares in the last quarter. Finally, Intellectus Partners LLC acquired a new position in shares of Broadcom during the 3rd quarter valued at $1,356,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVGO. The Goldman Sachs Group upped their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a report on Friday, September 6th. Morgan Stanley increased their price target on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Truist Financial boosted their price objective on Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. Rosenblatt Securities reduced their price target on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research report on Friday, September 6th. Finally, UBS Group upped their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, November 4th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average price target of $192.79.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the business's stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company's stock, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

NASDAQ:AVGO traded up $0.83 during trading hours on Monday, reaching $165.67. The stock had a trading volume of 17,831,307 shares, compared to its average volume of 29,473,598. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The stock has a 50 day simple moving average of $172.84 and a 200 day simple moving average of $159.35. The stock has a market cap of $773.77 billion, a P/E ratio of 143.13, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm's quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 EPS. On average, research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.28%. Broadcom's dividend payout ratio (DPR) is 184.19%.

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.