Patron Partners LLC Has $2.10 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Patron Partners LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 888.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,152 shares of the semiconductor manufacturer's stock after purchasing an additional 10,923 shares during the period. Broadcom accounts for 1.2% of Patron Partners LLC's portfolio, making the stock its 16th largest position. Patron Partners LLC's holdings in Broadcom were worth $2,096,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. WealthPLAN Partners LLC lifted its position in Broadcom by 271.7% during the 3rd quarter. WealthPLAN Partners LLC now owns 5,022 shares of the semiconductor manufacturer's stock valued at $866,000 after purchasing an additional 3,671 shares during the period. First National Trust Co boosted its holdings in Broadcom by 914.1% during the third quarter. First National Trust Co now owns 221,116 shares of the semiconductor manufacturer's stock worth $38,143,000 after buying an additional 199,311 shares during the last quarter. Waverton Investment Management Ltd grew its position in shares of Broadcom by 582.5% during the 3rd quarter. Waverton Investment Management Ltd now owns 1,290 shares of the semiconductor manufacturer's stock worth $222,000 after buying an additional 1,101 shares during the period. Harbour Investments Inc. increased its stake in shares of Broadcom by 877.7% in the 3rd quarter. Harbour Investments Inc. now owns 25,752 shares of the semiconductor manufacturer's stock valued at $4,442,000 after acquiring an additional 23,118 shares during the last quarter. Finally, Apollon Wealth Management LLC raised its position in shares of Broadcom by 1,028.2% in the 3rd quarter. Apollon Wealth Management LLC now owns 204,147 shares of the semiconductor manufacturer's stock valued at $35,215,000 after acquiring an additional 186,052 shares during the period. Institutional investors own 76.43% of the company's stock.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 18,900 shares of the company's stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the transaction, the insider now directly owns 380,560 shares in the company, valued at approximately $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 accessible through this link. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom 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 sale, 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 3.62 % 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. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

AVGO has been the subject of a number of analyst reports. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a report on Friday, September 6th. Mizuho upped their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Cantor Fitzgerald lifted 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. JPMorgan Chase & Co. increased their price target on Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Finally, StockNews.com cut Broadcom from a "buy" rating to a "hold" rating in a report on Tuesday, July 23rd. Two investment 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $192.79.

Broadcom Stock Performance

Shares of AVGO stock traded down $4.60 on Friday, reaching $165.78. The stock had a trading volume of 5,730,388 shares, compared to its average volume of 29,454,584. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The firm has a market capitalization of $774.29 billion, a price-to-earnings ratio of 144.87, a P/E/G ratio of 2.04 and a beta of 1.17. The firm's 50-day moving average is $172.29 and its two-hundred day moving average is $159.14. 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 (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. During the same period last year, the firm posted $0.95 earnings per share. The business's revenue was up 47.3% on a year-over-year basis. On average, research analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business 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 an increase 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 1.28%. Broadcom's payout ratio is presently 184.35%.

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.