Broadcom Inc. (NASDAQ:AVGO) Holdings Raised by Patton Albertson Miller Group LLC

Patton Albertson Miller Group LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 923.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 61,496 shares of the semiconductor manufacturer's stock after buying an additional 55,487 shares during the quarter. Broadcom makes up approximately 1.4% of Patton Albertson Miller Group LLC's portfolio, making the stock its 14th biggest position. Patton Albertson Miller Group LLC's holdings in Broadcom were worth $10,608,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Jennison Associates LLC boosted its holdings 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 purchasing an additional 32,178,542 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in 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 valued at $5,519,591,000 after purchasing an additional 28,985,434 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Broadcom by 938.8% in the third quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer's stock valued at $4,040,430,000 after purchasing an additional 21,168,095 shares in the last quarter. Swedbank AB boosted its holdings in Broadcom by 858.7% in the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares in the last quarter. Finally, Bank of Montreal Can boosted its holdings in Broadcom by 814.4% in the third quarter. Bank of Montreal Can now owns 16,096,312 shares of the semiconductor manufacturer's stock valued at $2,779,672,000 after purchasing an additional 14,335,935 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Charlie B. Kawwas sold 25,200 shares of the business's 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 transaction, the insider now directly owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Gayla J. Delly sold 750 shares of the business's stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. This trade represents a 2.11 % 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 valued at $53,540,590 in the last three months. Corporate insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on AVGO shares. William Blair started coverage on Broadcom in a report on Wednesday, September 18th. They issued an "outperform" rating for the company. Mizuho upped their price target on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. Truist Financial upped their price target on Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research note on Tuesday, October 8th. TD Cowen upgraded Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. Finally, UBS Group upped their price target on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $195.96.

Broadcom Trading Down 3.1 %

NASDAQ:AVGO traded down $5.07 during mid-day trading on Thursday, reaching $159.67. The company's stock had a trading volume of 19,722,723 shares, compared to its average volume of 29,185,664. The company's fifty day simple moving average is $173.57 and its two-hundred day simple moving average is $161.49. 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 Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The stock has a market cap of $745.75 billion, a P/E ratio of 138.84, a P/E/G ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results 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. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm's quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the company earned $0.95 EPS. On average, equities analysts predict 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. Stockholders of record on Thursday, September 19th were paid 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 1.33%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom's payout ratio is currently 184.35%.

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.