Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Investment Management Corp of Ontario

Investment Management Corp of Ontario grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,375.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 165,612 shares of the semiconductor manufacturer's stock after acquiring an additional 154,389 shares during the period. Broadcom comprises 0.6% of Investment Management Corp of Ontario's holdings, making the stock its 25th largest holding. Investment Management Corp of Ontario's holdings in Broadcom were worth $28,568,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of AVGO. Castleview Partners LLC lifted its holdings in Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock worth $25,000 after acquiring an additional 134 shares during the period. Pin Oak Investment Advisors Inc. raised its stake in shares of Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 135 shares during the period. Tsfg LLC raised its position in shares of Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock valued at $38,000 after purchasing an additional 204 shares during the period. Cedar Wealth Management LLC raised its holdings in Broadcom by 900.0% during the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer's stock valued at $41,000 after acquiring an additional 216 shares during the period. Finally, Krane Funds Advisors LLC bought a new stake in shares of Broadcom during the third quarter valued at about $42,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the business's stock in a transaction 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 transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 3.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares of the company's stock, valued at $126,754,425.60. This trade represents a 3.24 % 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 over the last ninety days. 2.00% of the stock is owned by company insiders.

Broadcom Price Performance

AVGO traded up $1.64 during trading hours on Tuesday, hitting $168.15. The company's stock had a trading volume of 16,984,561 shares, compared to its average volume of 17,633,960. The business's 50-day moving average price is $173.12 and its 200-day moving average price is $162.12. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. 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 $785.36 billion, a price-to-earnings ratio of 146.09, a P/E/G ratio of 1.96 and a beta of 1.13.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued 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. The company had revenue of $13.07 billion for 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.95 EPS. Sell-side analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.26%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio (DPR) is presently 184.19%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. TD Cowen upgraded Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. JPMorgan Chase & Co. lifted their price objective on Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. Morgan Stanley lifted their price objective on Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. UBS Group boosted their price target on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. Finally, Benchmark reaffirmed a "buy" rating and issued a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $195.96.

Broadcom 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.