MTM Investment Management LLC Buys 15,911 Shares of Broadcom Inc. (NASDAQ:AVGO)

MTM Investment Management LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 902.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,675 shares of the semiconductor manufacturer's stock after purchasing an additional 15,911 shares during the period. Broadcom accounts for about 1.2% of MTM Investment Management LLC's investment portfolio, making the stock its 21st biggest holding. MTM Investment Management LLC's holdings in Broadcom were worth $3,122,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. Castleview Partners LLC boosted its holdings in shares of Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 134 shares in the last quarter. Tsfg LLC grew its holdings in Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock worth $38,000 after purchasing an additional 204 shares during the period. Krane Funds Advisors LLC purchased a new position in shares of Broadcom during the third quarter valued at approximately $42,000. Highline Wealth Partners LLC bought a new stake in shares of Broadcom in the 3rd quarter worth approximately $45,000. Finally, AlphaCentric Advisors LLC grew its stake in shares of Broadcom by 859.3% in the 3rd quarter. AlphaCentric Advisors LLC now owns 259 shares of the semiconductor manufacturer's stock worth $45,000 after buying an additional 232 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of Broadcom stock traded up $0.29 on Friday, hitting $164.23. 17,332,473 shares of the company's stock were exchanged, compared to its average volume of 18,615,522. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company has a 50-day simple moving average of $173.70 and a 200-day simple moving average of $160.62. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The stock has a market capitalization of $767.05 billion, a PE ratio of 142.81, a PEG ratio of 1.93 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion for 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%. Broadcom's quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.95 earnings per share. As a group, equities analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced 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 annualized dividend and a yield of 1.29%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is currently 184.35%.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 18,900 shares of the company's stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares of the company's stock, valued at $69,596,812.80. This represents a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now owns 737,330 shares of the company's stock, valued at $133,781,155.20. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on AVGO shares. Morgan Stanley boosted their target price on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. TD Cowen raised shares of Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. The Goldman Sachs Group raised their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a research note on Friday, September 6th. Mizuho upped their target price on shares of Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. Finally, Truist Financial raised their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research report on Tuesday, October 8th. Two investment 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $192.79.

About Broadcom

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.