Renaissance Investment Group LLC Buys 108,251 Shares of Broadcom Inc. (NASDAQ:AVGO)

Renaissance Investment Group LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 851.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,969 shares of the semiconductor manufacturer's stock after purchasing an additional 108,251 shares during the quarter. Broadcom makes up about 4.3% of Renaissance Investment Group LLC's portfolio, making the stock its 3rd biggest holding. Renaissance Investment Group LLC's holdings in Broadcom were worth $20,867,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. AXA S.A. increased its stake in Broadcom by 2.7% during the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer's stock worth $467,334,000 after buying an additional 7,608 shares in the last quarter. MRA Advisory Group grew its stake in Broadcom by 954.1% during the 3rd quarter. MRA Advisory Group now owns 9,455 shares of the semiconductor manufacturer's stock valued at $1,631,000 after acquiring an additional 8,558 shares in the last quarter. Ensign Peak Advisors Inc raised its holdings in Broadcom by 19.1% in the 2nd quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer's stock valued at $842,160,000 after acquiring an additional 84,196 shares during the last quarter. Red Spruce Capital LLC lifted its stake in Broadcom by 854.9% in the 3rd quarter. Red Spruce Capital LLC now owns 32,915 shares of the semiconductor manufacturer's stock worth $5,678,000 after purchasing an additional 29,468 shares in the last quarter. Finally, Shellback Capital LP acquired a new position in shares of Broadcom during the 2nd quarter worth approximately $60,368,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent research reports. UBS Group cut their price target on Broadcom from $173.50 to $170.00 and set a "buy" rating for the company in a report on Monday, September 9th. Morgan Stanley lifted their price target on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. The Goldman Sachs Group upped their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a report on Friday, September 6th. William Blair initiated coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an "outperform" rating for the company. Finally, TD Cowen raised shares of Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $190.29.

Insiders Place Their Bets

In related news, insider Charlie B. Kawwas sold 25,200 shares of the business's stock in a transaction dated Thursday, September 19th. The shares were 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 represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the business's stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares in the company, valued at approximately $69,596,812.80. The trade was a 0.00 % decrease in their position. 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 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 transaction, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 295,130 shares of company stock valued at $50,646,622 over the last 90 days. 2.00% of the stock is owned by company insiders.

Broadcom Stock Down 2.3 %

Shares of NASDAQ AVGO traded down $4.21 during midday trading on Friday, reaching $181.48. 23,070,023 shares of the company's stock were exchanged, compared to its average volume of 30,920,781. 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 Inc. has a 52-week low of $81.83 and a 52-week high of $186.42. The business's fifty day moving average price is $162.91 and its two-hundred day moving average price is $151.64. The stock has a market capitalization of $847.62 billion, a PE ratio of 157.67, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 company's revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.95 EPS. Analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.17%. Broadcom's dividend payout ratio (DPR) is 184.19%.

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.