Rock Point Advisors LLC Acquires 59,399 Shares of Broadcom Inc. (NASDAQ:AVGO)

Rock Point Advisors LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 865.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,265 shares of the semiconductor manufacturer's stock after buying an additional 59,399 shares during the period. Broadcom accounts for 3.1% of Rock Point Advisors LLC's holdings, making the stock its 9th largest position. Rock Point Advisors LLC's holdings in Broadcom were worth $11,431,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Lazard Freres Gestion S.A.S. raised its stake in Broadcom by 1,821.1% in the third quarter. Lazard Freres Gestion S.A.S. now owns 36,500 shares of the semiconductor manufacturer's stock valued at $6,296,000 after purchasing an additional 34,600 shares in the last quarter. Principal Street Partners LLC raised its position in shares of Broadcom by 36.2% in the 3rd quarter. Principal Street Partners LLC now owns 9,732 shares of the semiconductor manufacturer's stock valued at $1,679,000 after buying an additional 2,586 shares in the last quarter. Goodman Financial Corp lifted its holdings in shares of Broadcom by 853.3% during the 3rd quarter. Goodman Financial Corp now owns 2,612 shares of the semiconductor manufacturer's stock worth $451,000 after acquiring an additional 2,338 shares during the period. Tree Line Advisors Hong Kong Ltd. boosted its position in shares of Broadcom by 1,004.9% during the 3rd quarter. Tree Line Advisors Hong Kong Ltd. now owns 295,000 shares of the semiconductor manufacturer's stock worth $50,888,000 after acquiring an additional 268,300 shares in the last quarter. Finally, Brooklyn Investment Group increased its stake in Broadcom by 988.2% in the third quarter. Brooklyn Investment Group now owns 27,357 shares of the semiconductor manufacturer's stock valued at $4,719,000 after acquiring an additional 24,843 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the transaction, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. This represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the firm's stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares of the company's stock, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Down 3.1 %

Shares of NASDAQ AVGO traded down $5.07 during midday trading on Thursday, reaching $159.67. The stock had a trading volume of 19,722,723 shares, compared to its average volume of 29,185,664. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. 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 company's 50 day moving average price is $173.57 and its 200 day moving average price is $161.49. The firm has a market cap of $745.75 billion, a price-to-earnings ratio of 138.84, a price-to-earnings-growth ratio of 1.94 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 (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 business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the previous year, the business earned $0.95 earnings per share. Broadcom's revenue for the quarter was up 47.3% on a year-over-year basis. As a group, sell-side analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.33%. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio (DPR) is currently 184.35%.

Analyst Ratings Changes

AVGO has been the subject of several recent analyst reports. TD Cowen upgraded Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. Mizuho upped their price objective on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a research report on Monday, October 14th. Benchmark reiterated a "buy" rating and issued a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. UBS Group boosted their target price on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Finally, Morgan Stanley raised their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $195.96.

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.