Broadcom Inc. (NASDAQ:AVGO) is Glassy Mountain Advisors Inc.'s 7th Largest Position

Glassy Mountain Advisors Inc. grew its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 887.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,646 shares of the semiconductor manufacturer's stock after acquiring an additional 56,304 shares during the quarter. Broadcom comprises 3.8% of Glassy Mountain Advisors Inc.'s holdings, making the stock its 7th largest holding. Glassy Mountain Advisors Inc.'s holdings in Broadcom were worth $10,806,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of AVGO. Swedbank AB boosted its stake in Broadcom by 858.7% during the 3rd 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 last quarter. Raymond James & Associates lifted its holdings 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 valued at $2,186,292,000 after purchasing an additional 11,347,563 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Broadcom by 226,130.5% during the third quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer's stock valued at $14,224,520,000 after buying an additional 8,242,455 shares during the last quarter. Pathway Financial Advisers LLC boosted its position in shares of Broadcom by 156,028.8% during the third quarter. Pathway Financial Advisers LLC now owns 7,284,970 shares of the semiconductor manufacturer's stock valued at $1,256,657,000 after buying an additional 7,280,304 shares during the last quarter. Finally, New York State Common Retirement Fund grew its holdings in Broadcom by 833.3% during the third quarter. New York State Common Retirement Fund now owns 5,793,400 shares of the semiconductor manufacturer's stock worth $999,362,000 after buying an additional 5,172,633 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares of the company's stock, valued at approximately $69,596,812.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Morgan Stanley lifted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Benchmark restated a "buy" rating and set a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. StockNews.com lowered shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Tuesday, July 23rd. UBS Group boosted their target price on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $192.79.

Broadcom Stock Performance

NASDAQ:AVGO traded up $5.65 during mid-day trading on Wednesday, reaching $179.55. The company's stock had a trading volume of 23,868,191 shares, compared to its average volume of 29,908,316. The firm's fifty day moving average price is $169.80 and its two-hundred day moving average price is $156.94. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a market cap of $838.60 billion, a P/E ratio of 155.99, a PEG ratio of 1.99 and a beta of 1.17. Broadcom Inc. has a 12-month low of $87.62 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm's 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, equities analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is an increase 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 dividend on an annualized basis and a dividend yield of 1.18%. Broadcom's payout ratio is presently 184.19%.

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.