State Street Corp Purchases 166,844,263 Shares of Broadcom Inc. (NASDAQ:AVGO)

State Street Corp increased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 948.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 184,434,213 shares of the semiconductor manufacturer's stock after acquiring an additional 166,844,263 shares during the quarter. Broadcom comprises 1.3% of State Street Corp's investment portfolio, making the stock its 8th largest holding. State Street Corp owned approximately 3.95% of Broadcom worth $31,814,902,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Castleview Partners LLC increased 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 during the period. Pin Oak Investment Advisors Inc. lifted its holdings in shares of Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer's stock valued at $25,000 after purchasing an additional 135 shares in the last quarter. Tsfg LLC lifted its holdings in shares of Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock valued at $38,000 after purchasing an additional 204 shares in the last quarter. Cedar Wealth Management LLC lifted its holdings in shares of Broadcom by 900.0% during the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer's stock valued at $41,000 after purchasing an additional 216 shares in the last quarter. Finally, Krane Funds Advisors LLC bought a new position in shares of Broadcom during the third quarter valued at $42,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Down 0.1 %

AVGO stock traded down $0.09 on Thursday, hitting $170.47. 18,452,589 shares of the company's stock were exchanged, compared to its average volume of 28,989,014. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The firm has a 50 day moving average price of $173.02 and a two-hundred day moving average price of $162.31. 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 market cap of $796.19 billion, a P/E ratio of 148.23, a price-to-earnings-growth ratio of 1.98 and a beta of 1.13.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the business earned $0.95 EPS. The firm's revenue for the quarter was up 47.3% on a year-over-year basis. As a group, equities research analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares of the company's stock, valued at approximately $6,064,917.50. This trade represents a 2.11 % 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 link. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 in the last ninety days. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVGO. William Blair began coverage on Broadcom in a report on Wednesday, September 18th. They set an "outperform" rating on the stock. JPMorgan Chase & Co. upped their price target on Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a report on Friday, September 6th. The Goldman Sachs Group upped their price target on Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a report on Friday, September 6th. Mizuho upped their price objective on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Finally, UBS Group upped their price objective on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research report on Monday, November 4th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $195.96.

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.