Mission Creek Capital Partners Inc. Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Mission Creek Capital Partners Inc. increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 911.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 36,115 shares of the semiconductor manufacturer's stock after purchasing an additional 32,545 shares during the period. Broadcom accounts for 1.4% of Mission Creek Capital Partners Inc.'s holdings, making the stock its 16th biggest holding. Mission Creek Capital Partners Inc.'s holdings in Broadcom were worth $6,230,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC boosted its stake in Broadcom by 1,121.3% in the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer's stock valued at $15,594,088,000 after acquiring an additional 82,998,328 shares in the last quarter. Jennison Associates LLC boosted its stake in Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer's stock valued at $6,209,758,000 after acquiring an additional 32,178,542 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Broadcom by 975.4% in the third 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 buying an additional 30,674,902 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Broadcom by 962.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer's stock worth $5,519,591,000 after buying an additional 28,985,434 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Broadcom by 938.8% in 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 last quarter. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Mizuho raised their price target on shares of Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. Truist Financial raised their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Morgan Stanley raised their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. TD Cowen raised shares of Broadcom to a "strong-buy" rating in a report on Monday, September 16th. Finally, Rosenblatt Securities reduced their target price on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company 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's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $195.96.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 18,900 shares of the business's stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares of the company's stock, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 3.62 % 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 insiders.

Broadcom Price Performance

AVGO traded up $2.41 on Wednesday, reaching $170.56. 30,936,013 shares of the company's stock were exchanged, compared to its average volume of 28,979,223. The stock has a market cap of $796.61 billion, a PE ratio of 148.58, a P/E/G ratio of 1.96 and a beta of 1.13. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The stock's fifty day moving average price is $173.12 and its 200-day moving average price is $162.12. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom's quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.95 earnings per share. Sell-side analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.24%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's payout ratio is presently 184.19%.

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.