Belmont Capital LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 899.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,615 shares of the semiconductor manufacturer's stock after purchasing an additional 10,453 shares during the quarter. Broadcom comprises about 0.3% of Belmont Capital LLC's investment portfolio, making the stock its 27th largest position. Belmont Capital LLC's holdings in Broadcom were worth $2,004,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also made changes to their positions in the company. Swedbank AB boosted its position in Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock worth $3,168,798,000 after purchasing an additional 16,453,718 shares in the last quarter. Swiss National Bank raised its stake in shares of Broadcom by 907.0% during the 3rd quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer's stock worth $2,264,223,000 after buying an additional 11,822,467 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Broadcom by 917.8% in the 3rd quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer's stock worth $2,203,837,000 after buying an additional 11,453,554 shares in the last quarter. Raymond James & Associates grew its stake in Broadcom by 855.4% in the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer's stock valued at $2,186,292,000 after acquiring an additional 11,347,563 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Broadcom by 908.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,374,079 shares of the semiconductor manufacturer's stock valued at $1,962,029,000 after acquiring an additional 10,245,786 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
Insider Buying and Selling
In other Broadcom 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 value of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares of the company's stock, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the sale, the insider now owns 399,460 shares in the company, valued at $70,744,366. This 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. Company insiders own 2.00% of the company's stock.
Wall Street Analysts Forecast Growth
AVGO has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Truist Financial upped their target price on Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday, October 8th. Benchmark reissued a "buy" rating and set a $210.00 price target on shares of Broadcom in a research 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, Rosenblatt Securities dropped their price objective on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research report on Friday, September 6th. 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 company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $192.79.
View Our Latest Report on Broadcom
Broadcom Trading Down 0.8 %
NASDAQ:AVGO traded down $1.38 on Friday, hitting $162.56. 2,394,678 shares of the stock were exchanged, compared to its average volume of 29,229,432. The stock has a fifty day moving average of $173.77 and a 200-day moving average of $160.37. The stock has a market cap of $759.25 billion, a PE ratio of 142.39, a PEG ratio of 1.94 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter last year, the firm posted $0.95 earnings per share. Broadcom's revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, equities analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.
Broadcom Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.30%. Broadcom's payout ratio is presently 184.19%.
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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