ICICI Prudential Asset Management Co Ltd Purchases 55,407 Shares of Broadcom Inc. (NASDAQ:AVGO)

ICICI Prudential Asset Management Co Ltd raised its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,088.5% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 60,497 shares of the semiconductor manufacturer's stock after purchasing an additional 55,407 shares during the quarter. Broadcom accounts for about 1.1% of ICICI Prudential Asset Management Co Ltd's investment portfolio, making the stock its 17th biggest holding. ICICI Prudential Asset Management Co Ltd's holdings in Broadcom were worth $10,436,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Broadcom

In other news, Director Gayla J. Delly sold 750 shares of the company's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares of the company's stock, valued at $6,064,917.50. This represents a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the firm's 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 $204,399,515.40. The trade was a 11.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. StockNews.com lowered shares of Broadcom from a "buy" rating to a "hold" rating in a report on Tuesday, July 23rd. Cantor Fitzgerald boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. Rosenblatt Securities cut their price target on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a report on Friday, September 6th. UBS Group raised their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. Finally, TD Cowen upgraded Broadcom to a "strong-buy" rating in a report on Monday, September 16th. Two equities research 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 stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $192.79.

Broadcom Stock Down 3.3 %

Shares of AVGO stock traded down $5.54 on Friday, reaching $164.84. 20,836,160 shares of the company's stock traded hands, compared to its average volume of 17,858,028. 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 company has a market capitalization of $769.90 billion, a P/E ratio of 143.21, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. The business's 50 day moving average price is $172.84 and its two-hundred day moving average price is $159.35.

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, topping analysts' consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom's revenue for the quarter was up 47.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.95 earnings per share. On average, equities analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. Broadcom's dividend payout ratio is presently 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.