Fmr LLC Purchases 82,998,328 Shares of Broadcom Inc. (NASDAQ:AVGO)

FMR LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,121.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,400,508 shares of the semiconductor manufacturer's stock after buying an additional 82,998,328 shares during the period. Broadcom comprises approximately 0.9% of FMR LLC's portfolio, making the stock its 13th largest position. FMR LLC owned 1.94% of Broadcom worth $15,594,088,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. lifted its position in shares of Broadcom by 166.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer's stock worth $3,070,000 after purchasing an additional 1,446 shares during the period. FSA Advisors Inc. acquired a new position in shares of Broadcom in the 1st quarter worth approximately $264,000. Cetera Investment Advisers lifted its position in shares of Broadcom by 258.7% in the 1st quarter. Cetera Investment Advisers now owns 102,941 shares of the semiconductor manufacturer's stock worth $136,438,000 after purchasing an additional 74,244 shares during the period. Cetera Advisors LLC lifted its position in shares of Broadcom by 95.3% during the 1st quarter. Cetera Advisors LLC now owns 27,454 shares of the semiconductor manufacturer's stock valued at $36,387,000 after acquiring an additional 13,398 shares during the period. Finally, Cetera Advisor Networks LLC lifted its position in shares of Broadcom by 33.9% during the 1st quarter. Cetera Advisor Networks LLC now owns 57,900 shares of the semiconductor manufacturer's stock valued at $76,742,000 after acquiring an additional 14,664 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group boosted their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a research report on Friday, September 6th. Morgan Stanley boosted their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. Benchmark reiterated a "buy" rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Mizuho boosted their target price 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. Finally, William Blair started coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an "outperform" rating for the company. 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $195.96.

Insider Activity at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the company's stock in a transaction dated 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 sale, the insider now directly owns 737,330 shares of the company's stock, valued at $133,781,155.20. This represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 150,000 shares of the company's stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This trade represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by company insiders.

Broadcom Stock Down 3.1 %

Shares of NASDAQ AVGO traded down $5.07 during trading on Thursday, hitting $159.67. The stock had a trading volume of 19,722,723 shares, compared to its average volume of 29,185,664. The company has a market capitalization of $745.75 billion, a PE ratio of 138.84, a PEG ratio of 1.94 and a beta of 1.17. The firm has a fifty day moving average of $173.57 and a two-hundred day moving average of $161.49. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate 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 net margin of 10.88% and a return on equity of 30.12%. The firm's revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.95 earnings per share. As a group, equities research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.33%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is presently 184.35%.

Broadcom Company 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.