GLOBALT Investments LLC GA Buys 113,201 Shares of Broadcom Inc. (NASDAQ:AVGO)

GLOBALT Investments LLC GA grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 854.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 126,457 shares of the semiconductor manufacturer's stock after purchasing an additional 113,201 shares during the period. Broadcom makes up 0.8% of GLOBALT Investments LLC GA's investment portfolio, making the stock its 19th largest position. GLOBALT Investments LLC GA's holdings in Broadcom were worth $21,814,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. K2 Principal Fund L.P. acquired a new stake in Broadcom in the 1st quarter valued at about $1,922,000. Canada Pension Plan Investment Board increased its position in shares of Broadcom by 13.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 461,306 shares of the semiconductor manufacturer's stock valued at $611,420,000 after purchasing an additional 54,780 shares during the last quarter. Envoi LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at $265,000. Stonebridge Capital Advisors LLC boosted its position in shares of Broadcom by 18.9% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 226 shares of the semiconductor manufacturer's stock worth $300,000 after acquiring an additional 36 shares in the last quarter. Finally, Gamco Investors INC. ET AL increased its stake in Broadcom by 80.5% in the first quarter. Gamco Investors INC. ET AL now owns 897 shares of the semiconductor manufacturer's stock valued at $1,189,000 after purchasing an additional 400 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Up 0.7 %

Shares of NASDAQ:AVGO traded up $1.16 during trading on Thursday, hitting $164.41. The company's stock had a trading volume of 8,534,728 shares, compared to its average volume of 29,274,836. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The stock's 50-day moving average price is $173.78 and its two-hundred day moving average price is $160.09. The company has a market capitalization of $767.89 billion, a PE ratio of 142.05, a PEG ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The company's revenue for the quarter was up 47.3% on a year-over-year basis. As a group, sell-side analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.29%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is currently 184.19%.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 24th. The stock was 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 owns 1,181,910 shares of the company's stock, valued at approximately $204,399,515.40. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock valued at $53,540,590 in the last quarter. Company insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Mizuho lifted their target price on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a research report on Monday, October 14th. Truist Financial increased their price target 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. The Goldman Sachs Group upped their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a report on Friday, September 6th. Benchmark reissued a "buy" rating and set a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Finally, Morgan Stanley increased their price objective on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $192.79.

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.