Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Fort Pitt Capital Group LLC

Fort Pitt Capital Group LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,169.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 935,816 shares of the semiconductor manufacturer's stock after purchasing an additional 862,078 shares during the period. Broadcom makes up 4.5% of Fort Pitt Capital Group LLC's portfolio, making the stock its biggest position. Fort Pitt Capital Group LLC's holdings in Broadcom were worth $161,428,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of AVGO. Castleview Partners LLC lifted 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 valued at $25,000 after acquiring an additional 134 shares in the last quarter. Delta Asset Management LLC TN lifted its stake in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock valued at $32,000 after acquiring an additional 17 shares in the last quarter. Tsfg LLC lifted its stake 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 acquiring an additional 204 shares in the last quarter. Krane Funds Advisors LLC bought a new stake in Broadcom in the 3rd quarter valued at approximately $42,000. Finally, Highline Wealth Partners LLC bought a new stake in shares of Broadcom during the 3rd quarter worth approximately $45,000. Institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

Shares of AVGO stock opened at $173.90 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a twelve month low of $87.12 and a twelve month high of $186.42. The company has a market cap of $812.21 billion, a P/E ratio of 151.09, a P/E/G ratio of 1.99 and a beta of 1.17. The business has a fifty day simple moving average of $169.37 and a 200 day simple moving average of $156.58.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted 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. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business's quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the company earned $0.95 earnings per share. On average, sell-side analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced 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 of this dividend was Thursday, September 19th. This is an increase from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.22%. Broadcom's dividend payout ratio (DPR) is currently 184.19%.

Insider Activity

In other news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Gayla J. Delly sold 750 shares of the firm's stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares of the company's stock, valued at $6,064,917.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm's stock in a transaction that occurred 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 sale, the insider now directly owns 753,280 shares of the company's stock, valued at $126,754,425.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of analyst reports. Oppenheimer dropped 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. Mizuho upped their price objective on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. TD Cowen raised Broadcom to a "strong-buy" rating in a report on Monday, September 16th. Truist Financial boosted their target price on Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Finally, Cantor Fitzgerald boosted their target price on Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $192.79.

Broadcom 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.