Geneva Partners LLC grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 896.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 68,007 shares of the semiconductor manufacturer's stock after purchasing an additional 61,184 shares during the period. Broadcom makes up 5.1% of Geneva Partners LLC's holdings, making the stock its 3rd largest position. Geneva Partners LLC's holdings in Broadcom were worth $11,731,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of AVGO. Swedbank AB increased its holdings in shares of Broadcom by 858.7% in the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares during the period. Van ECK Associates Corp boosted its stake in shares of Broadcom by 917.8% in the third quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer's stock worth $2,203,837,000 after buying an additional 11,453,554 shares during the last quarter. Raymond James & Associates boosted its stake in shares of Broadcom by 855.4% in the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer's stock worth $2,186,292,000 after buying an additional 11,347,563 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of Broadcom by 226,130.5% in the third quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer's stock worth $14,224,520,000 after buying an additional 8,242,455 shares during the last quarter. Finally, National Pension Service boosted its stake in shares of Broadcom by 1,045.4% in the third quarter. National Pension Service now owns 8,273,157 shares of the semiconductor manufacturer's stock worth $1,427,120,000 after buying an additional 7,550,878 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.
Broadcom Price Performance
Shares of NASDAQ AVGO traded down $0.17 during midday trading on Friday, hitting $183.64. The stock had a trading volume of 13,491,305 shares, compared to its average volume of 29,781,646. The company has a market capitalization of $857.71 billion, a PE ratio of 159.55, a P/E/G ratio of 1.99 and a beta of 1.17. The stock has a 50 day simple moving average of $170.75 and a 200-day simple moving average of $157.78. Broadcom Inc. has a 1 year low of $90.31 and a 1 year 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.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The business's revenue for the quarter was up 47.3% on a year-over-year basis. On average, sell-side analysts expect 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 issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.15%. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio (DPR) is currently 184.19%.
Wall Street Analyst Weigh In
A number of analysts have recently commented on the company. Oppenheimer lowered their target price on Broadcom from $2,000.00 to $200.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 16th. JPMorgan Chase & Co. upped their target price on Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. Rosenblatt Securities lowered their target price on Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a research note on Friday, September 6th. Benchmark restated a "buy" rating and issued a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Finally, UBS Group upped their target price on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and a consensus target price of $192.79.
Check Out Our Latest Research Report on AVGO
Insider Activity at Broadcom
In related news, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the sale, the insider now owns 399,460 shares of the company's stock, valued at approximately $70,744,366. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the firm's stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the sale, the insider now owns 399,460 shares of the company's stock, valued at $70,744,366. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the firm's stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by insiders.
About Broadcom
(
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.
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