Chevy Chase Trust Holdings LLC Purchases 2,420,575 Shares of Broadcom Inc. (NASDAQ:AVGO)

Chevy Chase Trust Holdings LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 995.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,663,819 shares of the semiconductor manufacturer's stock after acquiring an additional 2,420,575 shares during the quarter. Broadcom makes up approximately 1.4% of Chevy Chase Trust Holdings LLC's holdings, making the stock its 10th biggest holding. Chevy Chase Trust Holdings LLC owned about 0.06% of Broadcom worth $459,509,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Cinctive Capital Management LP lifted its stake in shares of Broadcom by 1,381.3% during the third quarter. Cinctive Capital Management LP now owns 23,894 shares of the semiconductor manufacturer's stock valued at $4,122,000 after acquiring an additional 22,281 shares during the period. Clear Street Derivatives LLC acquired a new position in Broadcom during the 3rd quarter valued at about $4,209,000. Coastwise Capital Group LLC lifted its position in Broadcom by 904.4% during the 3rd quarter. Coastwise Capital Group LLC now owns 2,049 shares of the semiconductor manufacturer's stock valued at $353,000 after purchasing an additional 1,845 shares during the period. Community Bank N.A. boosted its stake in shares of Broadcom by 837.0% in the 3rd quarter. Community Bank N.A. now owns 51,373 shares of the semiconductor manufacturer's stock valued at $8,862,000 after purchasing an additional 45,890 shares during the last quarter. Finally, Concentric Capital Strategies LP grew its position in shares of Broadcom by 399.2% during the 3rd quarter. Concentric Capital Strategies LP now owns 70,220 shares of the semiconductor manufacturer's stock worth $12,113,000 after buying an additional 56,153 shares during the period. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent research reports. UBS Group raised their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research note on Friday, September 6th. Morgan Stanley upped their price objective on Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, September 6th. William Blair began coverage on Broadcom in a research report on Wednesday, September 18th. They set an "outperform" rating for the company. Finally, TD Cowen upgraded shares of Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. 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 company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $195.96.

Broadcom Stock Up 2.7 %

NASDAQ:AVGO traded up $4.43 on Monday, hitting $166.51. 21,447,846 shares of the company's stock were exchanged, compared to its average volume of 29,074,881. The company has a market cap of $777.70 billion, a P/E ratio of 144.79, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17. The firm has a 50-day moving average price of $173.39 and a 200-day moving average price of $161.69. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating 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 business's quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.95 earnings per share. As a group, analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is a positive change from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.27%. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is 184.35%.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the firm's stock in a transaction on 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 $69,596,812.80. This trade represents a 4.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the company's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 over the last quarter. 2.00% of the stock is currently owned by 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.