Broadcom Inc. (NASDAQ:AVGO) Position Boosted by PointState Capital LP

PointState Capital LP increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2,210.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 652,757 shares of the semiconductor manufacturer's stock after acquiring an additional 624,503 shares during the quarter. Broadcom makes up about 2.0% of PointState Capital LP's holdings, making the stock its 13th biggest position. PointState Capital LP's holdings in Broadcom were worth $112,601,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Polar Asset Management Partners Inc. acquired a new position in shares of Broadcom during the 3rd quarter worth $10,868,000. Polymer Capital Management HK LTD grew its stake in shares of Broadcom by 415.6% during the 3rd quarter. Polymer Capital Management HK LTD now owns 33,794 shares of the semiconductor manufacturer's stock worth $5,829,000 after purchasing an additional 27,240 shares during the period. Parker Investment Management LLC grew its stake in shares of Broadcom by 900.0% during the 3rd quarter. Parker Investment Management LLC now owns 25,550 shares of the semiconductor manufacturer's stock worth $4,407,000 after purchasing an additional 22,995 shares during the period. Melqart Asset Management UK Ltd grew its stake in shares of Broadcom by 493.8% during the 3rd quarter. Melqart Asset Management UK Ltd now owns 107,502 shares of the semiconductor manufacturer's stock worth $18,544,000 after purchasing an additional 89,398 shares during the period. Finally, Menard Financial Group LLC grew its stake in shares of Broadcom by 899.9% during the 3rd quarter. Menard Financial Group LLC now owns 14,369 shares of the semiconductor manufacturer's stock worth $2,479,000 after purchasing an additional 12,932 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Up 1.4 %

Shares of AVGO stock traded up $2.41 during mid-day trading on Wednesday, reaching $170.56. 31,095,181 shares of the company were exchanged, compared to its average volume of 29,033,885. The company has a market capitalization of $796.61 billion, a P/E ratio of 148.18, a P/E/G ratio of 1.96 and a beta of 1.13. The business's 50 day simple moving average is $173.02 and its 200 day simple moving average is $162.31. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the company posted $0.95 earnings per share. The firm's revenue was up 47.3% on a year-over-year basis. Research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current 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 paid a dividend of $0.53 per share. This is a boost from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom's payout ratio is currently 184.19%.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVGO. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. TD Cowen raised shares of Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. Rosenblatt Securities decreased their price target on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a research note on Friday, September 6th. Cantor Fitzgerald raised their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 8th. Finally, Truist Financial raised their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $195.96.

Insider Activity at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the business's stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the sale, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. The trade was a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the business's stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the sale, the chief executive officer now owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This trade represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 over the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

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.