Cinctive Capital Management LP lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,381.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,894 shares of the semiconductor manufacturer's stock after purchasing an additional 22,281 shares during the quarter. Cinctive Capital Management LP's holdings in Broadcom were worth $4,122,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Lion Street Advisors LLC raised its holdings in shares of Broadcom by 1.9% during the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer's stock worth $520,000 after acquiring an additional 6 shares during the period. Optimum Investment Advisors lifted its position in Broadcom by 0.6% in the second quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer's stock valued at $2,262,000 after buying an additional 8 shares during the last quarter. Canandaigua National Bank & Trust Co. boosted its stake in Broadcom by 1.4% during the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer's stock worth $1,161,000 after buying an additional 10 shares during the period. Shira Ridge Wealth Management increased its position in shares of Broadcom by 6.3% during the second quarter. Shira Ridge Wealth Management now owns 170 shares of the semiconductor manufacturer's stock valued at $273,000 after acquiring an additional 10 shares during the last quarter. Finally, VanderPol Investments L.L.C. lifted its holdings in shares of Broadcom by 7.0% in the 2nd quarter. VanderPol Investments L.L.C. now owns 198 shares of the semiconductor manufacturer's stock worth $318,000 after acquiring an additional 13 shares during the last quarter. Institutional investors own 76.43% of the company's stock.
Broadcom Price Performance
NASDAQ:AVGO traded up $0.47 on Tuesday, hitting $166.98. The company had a trading volume of 6,462,771 shares, compared to its average volume of 28,977,408. The stock has a market capitalization of $779.89 billion, a price-to-earnings ratio of 145.18, a PEG ratio of 1.91 and a beta of 1.13. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a 50 day moving average of $173.39 and a two-hundred day moving average of $161.69.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter was up 47.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 earnings per share. On average, research analysts anticipate 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. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.27%. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio (DPR) is 184.19%.
Wall Street Analysts Forecast Growth
AVGO has been the subject of a number of research reports. Cantor Fitzgerald lifted their price objective on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. Rosenblatt Securities cut their target price 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. Truist Financial boosted their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research note on Tuesday, October 8th. The Goldman Sachs Group lifted their target price on Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. upped their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $195.96.
Check Out Our Latest Report on Broadcom
Insider Transactions at Broadcom
In related news, CEO Hock E. Tan sold 150,000 shares of the company's stock in a transaction that occurred on Tuesday, September 24th. The stock was 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 owns 1,181,910 shares in the company, valued at $204,399,515.40. This represents a 11.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the company's stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the transaction, the insider now directly owns 399,460 shares in the company, valued at approximately $70,744,366. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. Insiders own 2.00% of the company's stock.
About Broadcom
(
Free Report)
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.
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