Connor Clark & Lunn Investment Management Ltd. raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 659,734 shares of the semiconductor manufacturer's stock after purchasing an additional 98,292 shares during the quarter. Broadcom makes up about 0.7% of Connor Clark & Lunn Investment Management Ltd.'s portfolio, making the stock its 29th biggest holding. Connor Clark & Lunn Investment Management Ltd.'s holdings in Broadcom were worth $152,953,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pin Oak Investment Advisors Inc. increased its position in Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer's stock worth $25,000 after acquiring an additional 135 shares during the period. Canton Hathaway LLC acquired a new position in Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom in the 4th quarter valued at $26,000. JDM Financial Group LLC grew its holdings in shares of Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer's stock worth $32,000 after purchasing an additional 172 shares during the last quarter. Finally, Bellevue Asset Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $33,000. 76.43% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on AVGO. Robert W. Baird lifted their target price on Broadcom from $195.00 to $210.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. Hsbc Global Res raised Broadcom to a "hold" rating in a report on Tuesday, December 3rd. Jefferies Financial Group raised their target price on Broadcom from $205.00 to $225.00 and gave the company a "buy" rating in a report on Friday, December 13th. Citigroup upped their price target on Broadcom from $175.00 to $205.00 and gave the stock a "buy" rating in a report on Tuesday, December 10th. Finally, Benchmark reaffirmed a "buy" rating and set a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus target price of $231.48.
View Our Latest Research Report on Broadcom
Broadcom Price Performance
Shares of AVGO opened at $190.09 on Wednesday. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The firm's 50-day simple moving average is $220.42 and its two-hundred day simple moving average is $193.44. The stock has a market cap of $893.79 billion, a PE ratio of 155.05, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same quarter last year, the company earned $0.98 EPS. The firm's revenue for the quarter was up 51.2% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date is Thursday, March 20th. Broadcom's payout ratio is 113.46%.
Insiders Place Their Bets
In other news, Director Harry L. You sold 6,540 shares of the business's stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares of the company's stock, valued at $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Diane M. Bryant sold 15,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the transaction, the director now owns 6,460 shares in the company, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,278 shares of company stock valued at $44,964,800. Insiders own 2.00% of the company's stock.
Broadcom Company Profile
(
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.
Further Reading
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