Broadcom Inc. (NASDAQ:AVGO) Shares Bought by M&G Plc

M&G PLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 790.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,092,811 shares of the semiconductor manufacturer's stock after purchasing an additional 2,745,447 shares during the quarter. Broadcom makes up approximately 2.7% of M&G PLC's portfolio, making the stock its 4th largest position. M&G PLC owned about 0.07% of Broadcom worth $535,056,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in AVGO. WNY Asset Management LLC lifted its holdings in shares of Broadcom by 5.4% during the 1st quarter. WNY Asset Management LLC now owns 315 shares of the semiconductor manufacturer's stock valued at $417,000 after buying an additional 16 shares during the last quarter. Choate Investment Advisors lifted its stake in Broadcom by 1.6% in the first quarter. Choate Investment Advisors now owns 2,360 shares of the semiconductor manufacturer's stock valued at $3,128,000 after acquiring an additional 37 shares during the last quarter. NorthRock Partners LLC lifted its stake in Broadcom by 24.5% in the first quarter. NorthRock Partners LLC now owns 3,150 shares of the semiconductor manufacturer's stock valued at $4,175,000 after acquiring an additional 620 shares during the last quarter. Meeder Asset Management Inc. grew its position in Broadcom by 36.3% in the first quarter. Meeder Asset Management Inc. now owns 23,003 shares of the semiconductor manufacturer's stock worth $30,488,000 after acquiring an additional 6,132 shares in the last quarter. Finally, Meeder Advisory Services Inc. increased its stake in shares of Broadcom by 5.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 6,376 shares of the semiconductor manufacturer's stock worth $8,451,000 after purchasing an additional 305 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the business's stock in a transaction dated 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 transaction, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 0.00 % 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. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the business's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was 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 owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on AVGO. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday, September 6th. William Blair initiated coverage on Broadcom in a research report on Wednesday, September 18th. They issued an "outperform" rating for the company. Mizuho increased their price objective on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a report on Monday, October 14th. Oppenheimer cut their price objective on Broadcom from $2,000.00 to $200.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 16th. Finally, TD Cowen raised Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. Two 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 company's stock. According to data from MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and an average target price of $192.79.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded down $0.17 during trading on Friday, hitting $183.64. 13,503,154 shares of the stock were exchanged, compared to its average volume of 18,921,780. The company's fifty day simple moving average is $170.75 and its 200-day simple moving average is $157.78. 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 $857.70 billion, a price-to-earnings ratio of 159.69, a price-to-earnings-growth ratio of 2.11 and a beta of 1.17. 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 released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the firm earned $0.95 EPS. The firm's revenue for the quarter was up 47.3% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid 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 yield of 1.15%. Broadcom's payout ratio is currently 184.35%.

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.