Groesbeck Investment Management Corp NJ Buys 21,349 Shares of Broadcom Inc. (NASDAQ:AVGO)

Groesbeck Investment Management Corp NJ grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 787.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,060 shares of the semiconductor manufacturer's stock after purchasing an additional 21,349 shares during the quarter. Broadcom makes up 5.7% of Groesbeck Investment Management Corp NJ's investment portfolio, making the stock its 2nd largest position. Groesbeck Investment Management Corp NJ's holdings in Broadcom were worth $4,150,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. AXA S.A. raised its stake in shares of Broadcom by 2.7% during the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer's stock worth $467,334,000 after purchasing an additional 7,608 shares during the last quarter. Whittier Trust Co. boosted its stake in shares of Broadcom by 947.2% during the 3rd quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer's stock worth $119,000,000 after acquiring an additional 623,983 shares in the last quarter. Signaturefd LLC grew its holdings in Broadcom by 913.0% in the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer's stock valued at $13,624,000 after purchasing an additional 71,181 shares during the last quarter. Godsey & Gibb Inc. increased its holdings in Broadcom by 887.0% during the 3rd quarter. Godsey & Gibb Inc. now owns 180,672 shares of the semiconductor manufacturer's stock valued at $31,166,000 after acquiring an additional 162,366 shares in the last quarter. Finally, Renaissance Investment Group LLC lifted its holdings in shares of Broadcom by 851.2% in the third quarter. Renaissance Investment Group LLC now owns 120,969 shares of the semiconductor manufacturer's stock valued at $20,867,000 after purchasing an additional 108,251 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of AVGO traded up $7.22 during mid-day trading on Tuesday, hitting $179.24. The stock had a trading volume of 23,666,414 shares, compared to its average volume of 30,224,438. 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 company has a market cap of $834.34 billion, a PE ratio of 7.48, a PEG ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $82.72 and a fifty-two week high of $186.42. The company's fifty day simple moving average is $168.26 and its two-hundred day simple moving average is $154.95.

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, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The firm's revenue for the quarter was up 47.3% compared to the same quarter last year. On average, equities analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm 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. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.18%. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio (DPR) is currently 9.12%.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of analyst reports. Cantor Fitzgerald increased their price objective on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. JPMorgan Chase & Co. increased their target price on Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. Rosenblatt Securities dropped their price target on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research note on Friday, September 6th. William Blair assumed coverage on Broadcom in a report on Wednesday, September 18th. They set an "outperform" rating for the company. Finally, Benchmark reissued a "buy" rating and issued a $210.00 target price on shares of Broadcom in a research note 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $191.54.

Insider Activity

In related news, insider Mark David Brazeal sold 18,900 shares of the firm's stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now owns 380,560 shares of the company's stock, valued at approximately $69,596,812.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm'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 value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 18,900 shares of Broadcom 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 in the company, valued at approximately $69,596,812.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by insiders.

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.