Legacy Bridge LLC grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 926.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,735 shares of the semiconductor manufacturer's stock after purchasing an additional 26,838 shares during the quarter. Broadcom makes up approximately 2.8% of Legacy Bridge LLC's portfolio, making the stock its 3rd largest holding. Legacy Bridge LLC's holdings in Broadcom were worth $5,129,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. Clear Point Advisors Inc. grew its holdings in Broadcom by 310.0% in the 1st quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer's stock valued at $54,000 after buying an additional 31 shares during the last quarter. Indiana Trust & Investment Management CO grew its stake in shares of Broadcom by 39.5% in the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer's stock worth $85,000 after acquiring an additional 15 shares during the last quarter. Creekmur Asset Management LLC grew its stake in shares of Broadcom by 89.7% in the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer's stock worth $98,000 after acquiring an additional 35 shares during the last quarter. Kiely Wealth Advisory Group Inc. acquired a new position in Broadcom during the 2nd quarter valued at $128,000. Finally, Mark Sheptoff Financial Planning LLC bought a new stake in Broadcom in the 2nd quarter valued at $136,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Trading Down 0.8 %
NASDAQ AVGO traded down $1.38 during trading hours on Friday, hitting $162.56. The company's stock had a trading volume of 2,394,678 shares, compared to its average volume of 29,229,432. The firm has a market capitalization of $759.25 billion, a P/E ratio of 142.39, a PEG ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The stock has a fifty day moving average of $173.77 and a 200 day moving average of $160.37. 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 issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. The company 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.95 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.
Broadcom Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This is a boost from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.30%. Broadcom's dividend payout ratio (DPR) is presently 184.19%.
Insider Buying and Selling
In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the company's stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares of the company's stock, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction 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. This trade represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company's stock.
Analysts Set New Price Targets
Several research firms have recently issued reports on AVGO. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a report on Friday, September 6th. Mizuho boosted their price target on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. Morgan Stanley raised 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. Benchmark restated a "buy" rating and set a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. 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 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 issued a strong buy rating to the company's stock. According to MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and a consensus price target of $192.79.
Check Out Our Latest Analysis on Broadcom
About Broadcom
(
Free Report)
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.
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