OVERSEA CHINESE BANKING Corp Ltd Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,779.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 240,299 shares of the semiconductor manufacturer's stock after acquiring an additional 227,512 shares during the period. Broadcom comprises 1.2% of OVERSEA CHINESE BANKING Corp Ltd's holdings, making the stock its 19th biggest position. OVERSEA CHINESE BANKING Corp Ltd's holdings in Broadcom were worth $41,651,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Castleview Partners LLC increased its holdings in Broadcom by 1,030.8% in 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 in the last quarter. Delta Asset Management LLC TN raised its holdings in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock worth $32,000 after purchasing an additional 17 shares during the period. Tsfg LLC raised its holdings in Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock worth $38,000 after purchasing an additional 204 shares during the period. Krane Funds Advisors LLC acquired a new stake in Broadcom in the third quarter valued at approximately $42,000. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Broadcom in the third quarter valued at approximately $45,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, September 6th. Benchmark reiterated a "buy" rating and issued a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. UBS Group boosted their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. Finally, William Blair started coverage on Broadcom in a research note on Wednesday, September 18th. They set an "outperform" rating for the company. Two investment 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 company has an average rating of "Moderate Buy" and an average target price of $192.79.

Broadcom Trading Down 3.3 %

Broadcom stock traded down $5.54 during mid-day trading on Friday, hitting $164.84. The company's stock had a trading volume of 20,836,160 shares, compared to its average volume of 29,525,910. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $769.90 billion, a PE ratio of 143.34, a price-to-earnings-growth ratio of 2.04 and a beta of 1.17. The stock's fifty day moving average is $172.84 and its two-hundred day moving average is $159.35.

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

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This is a positive change from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is currently 184.35%.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 150,000 shares of the company's stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now directly owns 1,181,910 shares of the company's stock, valued at $204,399,515.40. This represents a 11.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company's stock.

About Broadcom

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.