Erste Asset Management GmbH Invests $105.73 Million in Broadcom Inc. (NASDAQ:AVGO)

Erste Asset Management GmbH bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 612,288 shares of the semiconductor manufacturer's stock, valued at approximately $105,726,000. Broadcom accounts for about 1.3% of Erste Asset Management GmbH's investment portfolio, making the stock its 11th largest position.

Other large investors have also modified their holdings of the company. Castleview Partners LLC grew its stake in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after acquiring an additional 134 shares during the last quarter. Pin Oak Investment Advisors Inc. grew its position in shares of Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer's stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. Tsfg LLC increased its stake in shares of Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock worth $38,000 after purchasing an additional 204 shares in the last quarter. Cedar Wealth Management LLC raised its position in shares of Broadcom by 900.0% during the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer's stock worth $41,000 after purchasing an additional 216 shares during the last quarter. Finally, Krane Funds Advisors LLC purchased a new stake in Broadcom in the 3rd quarter valued at approximately $42,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

AVGO traded up $2.41 during trading on Friday, reaching $162.08. 11,024,005 shares of the company were exchanged, compared to its average volume of 17,582,554. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. The firm has a 50 day moving average of $173.39 and a 200 day moving average of $161.69. The stock has a market cap of $757.01 billion, a P/E ratio of 140.82, a PEG ratio of 1.91 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The company 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%. The firm's quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 EPS. On average, sell-side analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is a boost from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.31%. Broadcom's payout ratio is presently 184.19%.

Analyst Ratings Changes

Several analysts have recently issued reports on AVGO shares. JPMorgan Chase & Co. upped their price objective on Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. William Blair began coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an "outperform" rating on the stock. Truist Financial lifted their target price 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. Benchmark reiterated a "buy" rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Finally, Morgan Stanley lifted their price target on Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $195.96.

Insiders Place Their Bets

In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm's stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares in the company, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 completion of the transaction, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last ninety days. Company insiders own 2.00% of the company's stock.

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.