The Manufacturers Life Insurance Company increased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 965.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 4,797,959 shares of the semiconductor manufacturer's stock after purchasing an additional 4,347,839 shares during the period. Broadcom accounts for about 0.7% of The Manufacturers Life Insurance Company's holdings, making the stock its 23rd biggest holding. The Manufacturers Life Insurance Company owned 0.10% of Broadcom worth $827,650,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the company. Jennison Associates LLC lifted its position in Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer's stock worth $6,209,758,000 after acquiring an additional 32,178,542 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Broadcom by 962.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer's stock worth $5,519,591,000 after purchasing an additional 28,985,434 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Broadcom by 938.8% during the third quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer's stock worth $4,040,430,000 after buying an additional 21,168,095 shares in the last quarter. Swedbank AB boosted its stake in shares of Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock worth $3,168,798,000 after acquiring an additional 16,453,718 shares in the last quarter. Finally, Bank of Montreal Can boosted its position in Broadcom by 814.4% during the third quarter. Bank of Montreal Can now owns 16,096,312 shares of the semiconductor manufacturer's stock worth $2,779,672,000 after purchasing an additional 14,335,935 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.
Broadcom Stock Performance
Shares of NASDAQ AVGO traded down $5.07 during mid-day trading on Thursday, hitting $159.67. The company had a trading volume of 19,722,723 shares, compared to its average volume of 29,185,664. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The stock has a market cap of $745.75 billion, a price-to-earnings ratio of 138.84, a PEG ratio of 1.94 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm's 50 day simple moving average is $173.57 and its two-hundred day simple moving average is $161.49.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 analyst estimates of $12.98 billion. During the same period in the prior year, the business posted $0.95 EPS. The business's revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, equities research analysts forecast that Broadcom Inc. will post 3.78 earnings per share 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 given a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.33%. Broadcom's payout ratio is 184.35%.
Insider Buying and Selling at Broadcom
In related news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares of the company's stock, valued at $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Several analysts have recently commented on AVGO shares. Mizuho increased their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Benchmark reissued a "buy" rating and set a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Morgan Stanley raised their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Truist Financial raised their price objective on Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research report on Tuesday, October 8th. Finally, UBS Group lifted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Two equities research 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $195.96.
Read Our Latest Stock 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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