Brown Brothers Harriman & Co. Acquires 55,312 Shares of Broadcom Inc. (NASDAQ:AVGO)

Brown Brothers Harriman & Co. raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,118.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,259 shares of the semiconductor manufacturer's stock after purchasing an additional 55,312 shares during the quarter. Brown Brothers Harriman & Co.'s holdings in Broadcom were worth $10,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Indiana Trust & Investment Management CO lifted its position in Broadcom by 39.5% during the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer's stock valued at $85,000 after purchasing an additional 15 shares during the last quarter. Creekmur Asset Management LLC lifted its holdings in shares of Broadcom by 89.7% in the 1st quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer's stock worth $98,000 after acquiring an additional 35 shares during the last quarter. Kiely Wealth Advisory Group Inc. bought a new stake in shares of Broadcom in the 2nd quarter worth approximately $128,000. Mark Sheptoff Financial Planning LLC bought a new stake in shares of Broadcom in the 2nd quarter worth approximately $136,000. Finally, Bank & Trust Co bought a new stake in shares of Broadcom in the 2nd quarter worth approximately $153,000. 76.43% of the stock is currently owned by institutional investors.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the business's stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the sale, the insider now owns 380,560 shares of the company's stock, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 150,000 shares of the business's stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now directly owns 1,181,910 shares of the company's stock, valued at $204,399,515.40. This represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by insiders.

Broadcom Stock Down 3.1 %

Shares of AVGO stock traded down $5.07 during mid-day trading on Wednesday, hitting $159.67. The company's stock had a trading volume of 19,699,495 shares, compared to its average volume of 29,185,664. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The business has a 50-day moving average price of $173.76 and a 200 day moving average price of $161.09. 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 cap of $745.75 billion, a price-to-earnings ratio of 143.13, a PEG ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company's revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 earnings per share. Research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is 184.19%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AVGO. Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Rosenblatt Securities lowered their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a report on Friday, September 6th. UBS Group boosted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, November 4th. TD Cowen upgraded shares of Broadcom to a "strong-buy" rating in a report on Monday, September 16th. Finally, Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and a consensus target price of $195.96.

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.