Cincinnati Financial Corp Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Cincinnati Financial Corp lifted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 569.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,734,060 shares of the semiconductor manufacturer's stock after buying an additional 1,475,160 shares during the quarter. Broadcom comprises 6.4% of Cincinnati Financial Corp's portfolio, making the stock its 2nd biggest holding. Cincinnati Financial Corp's holdings in Broadcom were worth $299,125,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVGO. Castleview Partners LLC lifted its position in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after acquiring an additional 134 shares in the last quarter. Tsfg LLC increased its holdings in Broadcom by 1,073.7% in 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 during the period. Krane Funds Advisors LLC acquired a new stake in Broadcom in the third quarter valued at about $42,000. Highline Wealth Partners LLC bought a new stake in Broadcom during the 3rd quarter worth $45,000. Finally, AlphaCentric Advisors LLC boosted its stake in shares of Broadcom by 859.3% during the third quarter. AlphaCentric Advisors LLC now owns 259 shares of the semiconductor manufacturer's stock valued at $45,000 after purchasing an additional 232 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Up 0.2 %

Shares of NASDAQ:AVGO traded up $0.25 during mid-day trading on Thursday, hitting $163.50. 6,678,341 shares of the company traded hands, compared to its average volume of 29,265,527. The stock has a 50-day moving average price of $173.78 and a two-hundred day moving average price of $160.09. 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 $763.64 billion, a P/E ratio of 142.05, a P/E/G 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 (NASDAQ:AVGO - Get Free Report) last announced its 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 company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. The firm's revenue for the quarter was up 47.3% on a year-over-year basis. On average, 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 disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is 184.19%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. TD Cowen upgraded shares of Broadcom to a "strong-buy" rating in a report on Monday, September 16th. Cantor Fitzgerald lifted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a report on Tuesday, October 8th. Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a report on Friday, September 6th. Morgan Stanley upped their price target on Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. Finally, The Goldman Sachs Group raised their price objective on Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and an average price target of $192.79.

Insiders Place Their Bets

In other news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares in the company, valued at $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 is available at the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction 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 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company's stock.

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.