Ionic Capital Management LLC Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Ionic Capital Management LLC purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,000 shares of the semiconductor manufacturer's stock, valued at approximately $1,035,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. FMR LLC lifted its holdings in Broadcom by 1,121.3% during the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer's stock worth $15,594,088,000 after buying an additional 82,998,328 shares during the period. Jennison Associates LLC increased its position in Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer's stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Broadcom by 975.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer's stock worth $5,833,894,000 after purchasing an additional 30,674,902 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Broadcom by 962.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer's stock valued at $5,519,591,000 after purchasing an additional 28,985,434 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of Broadcom by 938.8% during the third quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer's stock worth $4,040,430,000 after buying an additional 21,168,095 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Price Performance

Shares of AVGO traded up $1.64 during mid-day trading on Tuesday, reaching $168.15. The stock had a trading volume of 16,984,561 shares, compared to its average volume of 17,633,960. The firm has a market cap of $785.36 billion, a price-to-earnings ratio of 146.09, a PEG ratio of 1.96 and a beta of 1.13. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The business has a fifty day moving average of $173.12 and a 200 day moving average of $162.12. 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 (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the company earned $0.95 earnings per share. Broadcom's revenue was up 47.3% on a year-over-year basis. Equities analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company 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 is a positive change 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 1.26%. Broadcom's payout ratio is presently 184.19%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm's stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 in the last ninety days. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on AVGO. TD Cowen raised shares of Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. Cantor Fitzgerald upped their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a report on Tuesday, October 8th. The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a research report on Friday, September 6th. Benchmark reiterated a "buy" rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Finally, UBS Group boosted their price objective on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $195.96.

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.