Clear Street Derivatives LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Clear Street Derivatives LLC acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 24,400 shares of the semiconductor manufacturer's stock, valued at approximately $4,209,000. Broadcom makes up about 0.1% of Clear Street Derivatives LLC's portfolio, making the stock its 17th biggest position.

A number of other institutional investors have also added to or reduced their stakes in AVGO. Coastwise Capital Group LLC boosted its holdings in Broadcom by 904.4% in the third quarter. Coastwise Capital Group LLC now owns 2,049 shares of the semiconductor manufacturer's stock worth $353,000 after acquiring an additional 1,845 shares in the last quarter. Community Bank N.A. grew its holdings in shares of Broadcom by 837.0% in the third quarter. Community Bank N.A. now owns 51,373 shares of the semiconductor manufacturer's stock worth $8,862,000 after acquiring an additional 45,890 shares during the period. Concentric Capital Strategies LP lifted its stake in shares of Broadcom by 399.2% in the 3rd quarter. Concentric Capital Strategies LP now owns 70,220 shares of the semiconductor manufacturer's stock worth $12,113,000 after purchasing an additional 56,153 shares during the period. Ascent Group LLC increased its stake in shares of Broadcom by 873.8% in the 3rd quarter. Ascent Group LLC now owns 48,634 shares of the semiconductor manufacturer's stock worth $8,389,000 after purchasing an additional 43,640 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. raised its holdings in Broadcom by 892.8% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 106,560 shares of the semiconductor manufacturer's stock worth $18,382,000 after purchasing an additional 95,827 shares during the period. Institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

Broadcom stock traded up $4.43 during midday trading on Monday, reaching $166.51. The company's stock had a trading volume of 21,447,846 shares, compared to its average volume of 29,074,881. 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. The firm has a market capitalization of $777.70 billion, a PE ratio of 144.79, a P/E/G ratio of 1.91 and a beta of 1.17. The stock's 50 day simple moving average is $173.39 and its 200 day simple moving average is $161.69.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm's quarterly revenue was up 47.3% compared to the same quarter last year. During the same period last year, the company posted $0.95 earnings per share. On average, equities research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

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

Insider Activity

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the business's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the transaction, the director now owns 34,750 shares in the company, valued at $6,064,917.50. The trade was a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the company's stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares of the company's stock, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last quarter. Company insiders own 2.00% of the company's stock.

Analyst Ratings Changes

AVGO has been the subject of a number of analyst reports. The Goldman Sachs Group increased their price target on Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a research note on Friday, September 6th. William Blair initiated coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an "outperform" rating on the stock. Mizuho increased their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a report on Monday, October 14th. UBS Group boosted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research report on Monday, November 4th. Finally, Cantor Fitzgerald boosted their price objective on Broadcom from $200.00 to $225.00 and gave the company 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 assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus target price of $195.96.

About Broadcom

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.