Concentric Capital Strategies LP Has $12.11 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Concentric Capital Strategies LP increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 399.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 70,220 shares of the semiconductor manufacturer's stock after buying an additional 56,153 shares during the period. Concentric Capital Strategies LP's holdings in Broadcom were worth $12,113,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Burns Matteson Capital Management LLC acquired a new stake in Broadcom during the second quarter worth about $233,000. First Bank & Trust raised its stake in shares of Broadcom by 21.7% in the second quarter. First Bank & Trust now owns 258 shares of the semiconductor manufacturer's stock valued at $414,000 after purchasing an additional 46 shares in the last quarter. Baker Ellis Asset Management LLC lifted its position in Broadcom by 3.6% in the second quarter. Baker Ellis Asset Management LLC now owns 4,353 shares of the semiconductor manufacturer's stock worth $6,989,000 after purchasing an additional 151 shares during the period. Wealth Group Ltd increased its holdings in Broadcom by 6.0% in the 2nd quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer's stock valued at $283,000 after buying an additional 10 shares during the period. Finally, Olistico Wealth LLC lifted its holdings in shares of Broadcom by 11.0% during the 2nd quarter. Olistico Wealth LLC now owns 1,126 shares of the semiconductor manufacturer's stock worth $1,808,000 after acquiring an additional 112 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares of the company's stock, 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. In the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on AVGO shares. Truist Financial increased their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday, October 8th. TD Cowen raised Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. Benchmark restated a "buy" rating and issued a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Cantor Fitzgerald upped their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a report on Tuesday, October 8th. Finally, Mizuho boosted their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Two investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $195.96.

Broadcom Trading Up 2.7 %

Broadcom stock traded up $4.43 during mid-day trading 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. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $777.70 billion, a P/E ratio of 144.79, a PEG ratio of 1.91 and a beta of 1.17. The company'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 quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom's quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.95 EPS. On average, equities 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. Investors of record on Thursday, September 19th were given a $0.53 dividend. This is a boost 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 of this dividend was Thursday, September 19th. Broadcom's payout ratio is currently 184.35%.

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.