Graypoint LLC Acquires 53,363 Shares of Broadcom Inc. (NASDAQ:AVGO)

Graypoint LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 898.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 59,302 shares of the semiconductor manufacturer's stock after purchasing an additional 53,363 shares during the quarter. Graypoint LLC's holdings in Broadcom were worth $10,230,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AVGO. WNY Asset Management LLC increased its stake in shares of Broadcom by 5.4% in the first quarter. WNY Asset Management LLC now owns 315 shares of the semiconductor manufacturer's stock valued at $417,000 after buying an additional 16 shares in the last quarter. Choate Investment Advisors raised its stake in shares of Broadcom by 1.6% in the first quarter. Choate Investment Advisors now owns 2,360 shares of the semiconductor manufacturer's stock worth $3,128,000 after acquiring an additional 37 shares during the last quarter. NorthRock Partners LLC lifted its position in shares of Broadcom by 24.5% during the first quarter. NorthRock Partners LLC now owns 3,150 shares of the semiconductor manufacturer's stock worth $4,175,000 after purchasing an additional 620 shares in the last quarter. Meeder Asset Management Inc. grew its stake in shares of Broadcom by 36.3% during the first quarter. Meeder Asset Management Inc. now owns 23,003 shares of the semiconductor manufacturer's stock valued at $30,488,000 after purchasing an additional 6,132 shares during the last quarter. Finally, Meeder Advisory Services Inc. increased its holdings in shares of Broadcom by 5.0% in the first quarter. Meeder Advisory Services Inc. now owns 6,376 shares of the semiconductor manufacturer's stock valued at $8,451,000 after purchasing an additional 305 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on AVGO shares. Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a research report on Friday, September 6th. TD Cowen upgraded Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. Morgan Stanley boosted their price objective on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Truist Financial raised their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday, October 8th. Finally, Cantor Fitzgerald boosted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and an average price target of $192.79.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the business's stock in a transaction on Tuesday, September 17th. The shares were 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 owns 1,331,910 shares of the company's stock, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom 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 sale, the chief executive officer now owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now directly owns 34,750 shares of the company's stock, valued at $6,064,917.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Down 0.1 %

Shares of NASDAQ:AVGO traded down $0.17 during midday trading on Friday, reaching $183.64. 13,503,154 shares of the company were exchanged, compared to its average volume of 18,921,780. The firm has a market cap of $857.70 billion, a PE ratio of 159.69, a P/E/G ratio of 2.11 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The stock has a fifty day simple moving average of $170.75 and a two-hundred day simple moving average of $157.78. 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 released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company's revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter last year, the business posted $0.95 EPS. As a group, sell-side analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.15%. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is 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.