Fort Pitt Capital Group LLC grew its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,169.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 935,816 shares of the semiconductor manufacturer's stock after purchasing an additional 862,078 shares during the quarter. Broadcom makes up approximately 4.5% of Fort Pitt Capital Group LLC's investment portfolio, making the stock its largest holding. Fort Pitt Capital Group LLC's holdings in Broadcom were worth $161,428,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of AVGO. Vanguard Group Inc. grew its holdings in Broadcom by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer's stock valued at $59,181,244,000 after buying an additional 1,303,462 shares in the last quarter. Swedbank AB lifted its holdings in shares of 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 buying an additional 16,453,718 shares in the last quarter. Raymond James & Associates boosted its position in shares of Broadcom by 855.4% in the third 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 period. International Assets Investment Management LLC increased its position in Broadcom by 226,130.5% during the third quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer's stock worth $14,224,520,000 after acquiring an additional 8,242,455 shares during the period. Finally, Pathway Financial Advisers LLC raised its stake in Broadcom by 156,028.8% in the 3rd quarter. Pathway Financial Advisers LLC now owns 7,284,970 shares of the semiconductor manufacturer's stock worth $1,256,657,000 after purchasing an additional 7,280,304 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.
Insider Buying and Selling
In other news, CEO Hock E. Tan sold 50,000 shares of the firm's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 0.00 % 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. In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction 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 completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company's stock, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the company's stock in a transaction 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 sale, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 in the last three months. Insiders own 2.00% of the company's stock.
Broadcom Trading Up 3.2 %
Broadcom stock traded up $5.65 during trading hours on Wednesday, hitting $179.55. The stock had a trading volume of 23,868,191 shares, compared to its average volume of 29,908,316. The stock has a market cap of $838.60 billion, a price-to-earnings ratio of 155.99, a P/E/G ratio of 1.99 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The business's 50 day simple moving average is $169.80 and its 200-day simple moving average is $156.94. Broadcom Inc. has a one year low of $87.62 and a one year high of $186.42.
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, topping 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 business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the company earned $0.95 EPS. The firm's revenue was up 47.3% compared to the same quarter last year. On average, equities analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.
Broadcom Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.18%. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is presently 184.19%.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on AVGO shares. Benchmark restated a "buy" rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. TD Cowen raised Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. Mizuho lifted their price objective on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a report on Monday, October 14th. Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a report on Friday, September 6th. Finally, William Blair began coverage on Broadcom in a research report on Wednesday, September 18th. They issued an "outperform" rating on the stock. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus price target of $192.79.
Check Out Our Latest Analysis on Broadcom
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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