First Interstate Bank bought a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 10,420 shares of the semiconductor manufacturer's stock, valued at approximately $1,797,000.
Other institutional investors have also recently bought and sold shares of the company. Castleview Partners LLC boosted its stake in Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock worth $25,000 after acquiring an additional 134 shares during the last quarter. Delta Asset Management LLC TN grew its stake in Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock valued at $32,000 after acquiring an additional 17 shares during the period. Tsfg LLC lifted its holdings in shares of Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock valued at $38,000 after purchasing an additional 204 shares in the last quarter. Krane Funds Advisors LLC bought a new stake in Broadcom during the 3rd quarter worth approximately $42,000. Finally, Highline Wealth Partners LLC bought a new position in Broadcom in the third quarter valued at approximately $45,000. Institutional investors own 76.43% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have issued reports on AVGO. Rosenblatt Securities lowered their target price on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a report on Friday, September 6th. TD Cowen raised Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. Benchmark reaffirmed a "buy" rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. The Goldman Sachs Group lifted 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. Finally, Truist Financial increased their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $192.79.
Read Our Latest Analysis on AVGO
Insider Transactions at Broadcom
In related news, insider Mark David Brazeal sold 18,900 shares of the 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 completion of the transaction, the insider now owns 380,560 shares of the company's stock, valued at $69,596,812.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the company's stock in a transaction dated 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 completion of the transaction, the insider now owns 380,560 shares of the company's stock, valued at $69,596,812.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 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 Price Performance
Shares of AVGO traded up $5.35 during trading hours on Tuesday, hitting $173.90. 13,387,117 shares of the company were exchanged, compared to its average volume of 29,935,008. The company has a market cap of $812.21 billion, a price-to-earnings ratio of 151.09, a P/E/G ratio of 1.99 and a beta of 1.17. The firm's fifty day moving average is $169.37 and its 200 day moving average is $156.58. Broadcom Inc. has a fifty-two week low of $87.12 and a fifty-two week high of $186.42. 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 earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business's revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 EPS. On average, equities analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal 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 given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is currently 184.19%.
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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