CloudAlpha Capital Management Limited Hong Kong Takes $9.17 Million Position in Broadcom Inc. (NASDAQ:AVGO)

CloudAlpha Capital Management Limited Hong Kong purchased a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 53,177 shares of the semiconductor manufacturer's stock, valued at approximately $9,173,000. Broadcom comprises 0.5% of CloudAlpha Capital Management Limited Hong Kong's investment portfolio, making the stock its 18th largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. lifted its stake in Broadcom by 35.5% in the first quarter. Hillsdale Investment Management Inc. now owns 420 shares of the semiconductor manufacturer's stock worth $557,000 after acquiring an additional 110 shares during the period. Alley Investment Management Company LLC bought a new stake in shares of Broadcom in the 1st quarter valued at about $272,000. Resurgent Financial Advisors LLC lifted its position in shares of Broadcom by 14.2% in the 1st quarter. Resurgent Financial Advisors LLC now owns 514 shares of the semiconductor manufacturer's stock worth $681,000 after purchasing an additional 64 shares during the period. Trustmark National Bank Trust Department boosted its stake in shares of Broadcom by 3.4% during the first quarter. Trustmark National Bank Trust Department now owns 3,188 shares of the semiconductor manufacturer's stock valued at $4,225,000 after purchasing an additional 104 shares in the last quarter. Finally, PAX Financial Group LLC increased its holdings in Broadcom by 16.8% during the first quarter. PAX Financial Group LLC now owns 230 shares of the semiconductor manufacturer's stock valued at $305,000 after buying an additional 33 shares during the period. Institutional investors own 76.43% of the company's stock.

Insider Activity

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 in the last quarter. Corporate insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on AVGO shares. Cantor Fitzgerald upped their target price on Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a report on Tuesday, October 8th. TD Cowen upgraded Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. Mizuho lifted their target price on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. Morgan Stanley boosted their target price on shares of Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. raised their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Broadcom has an average rating of "Moderate Buy" and a consensus price target of $192.79.

Broadcom Stock Performance

Shares of Broadcom stock traded down $5.54 during trading on Friday, hitting $164.84. 20,836,160 shares of the company's stock were exchanged, compared to its average volume of 17,858,028. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. 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 capitalization of $769.90 billion, a price-to-earnings ratio of 143.21, a PEG ratio of 1.94 and a beta of 1.17. The business has a 50-day simple moving average of $172.84 and a 200-day simple moving average of $159.35.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results 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 for 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 quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the firm earned $0.95 EPS. On average, research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is presently 184.19%.

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.