Menard Financial Group LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 899.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,369 shares of the semiconductor manufacturer's stock after purchasing an additional 12,932 shares during the period. Broadcom comprises approximately 1.6% of Menard Financial Group LLC's holdings, making the stock its 10th largest holding. Menard Financial Group LLC's holdings in Broadcom were worth $2,479,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Castleview Partners LLC increased its stake in shares of Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 134 shares during the period. Pin Oak Investment Advisors Inc. grew its stake in 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 purchasing an additional 135 shares during the last quarter. Tsfg LLC grew its stake in 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 last quarter. Cedar Wealth Management LLC grew its stake in Broadcom by 900.0% in the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer's stock valued at $41,000 after purchasing an additional 216 shares during the last quarter. Finally, Krane Funds Advisors LLC purchased a new position in Broadcom in the third quarter valued at about $42,000. Hedge funds and other institutional investors own 76.43% of the company's stock.
Insider Transactions at Broadcom
In related news, insider Charlie B. Kawwas sold 15,950 shares of the company's stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now directly owns 737,330 shares in the company, 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 document filed with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 150,000 shares of the company's stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, the chief executive officer now owns 1,181,910 shares of the company's stock, valued at $204,399,515.40. The trade was a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last three months. 2.00% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several research firms have issued reports on AVGO. Benchmark reiterated a "buy" rating and issued a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Mizuho raised their price target on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. William Blair assumed coverage on Broadcom in a report on Wednesday, September 18th. They issued an "outperform" rating for the company. Truist Financial lifted their target price on Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. lifted their target price on Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $195.96.
Get Our Latest Stock Analysis on Broadcom
Broadcom Stock Performance
NASDAQ:AVGO traded up $2.41 during mid-day trading on Wednesday, reaching $170.56. 31,360,253 shares of the stock were exchanged, compared to its average volume of 28,979,223. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company has a 50 day simple moving average of $173.12 and a 200-day simple moving average of $162.12. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $796.61 billion, a P/E ratio of 148.58, a P/E/G ratio of 1.96 and a beta of 1.13.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 30.12% and a net margin of 10.88%. Broadcom's quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.95 earnings per share. Analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.
Broadcom Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.24%. This is a boost from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom's payout ratio is 184.19%.
Broadcom Company Profile
(
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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