Stoneridge Investment Partners LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,099.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,697 shares of the semiconductor manufacturer's stock after acquiring an additional 28,138 shares during the period. Broadcom makes up about 2.0% of Stoneridge Investment Partners LLC's investment portfolio, making the stock its 16th largest holding. Stoneridge Investment Partners LLC's holdings in Broadcom were worth $5,295,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nvwm LLC lifted its stake in Broadcom by 17.1% during the 1st quarter. Nvwm LLC now owns 1,556 shares of the semiconductor manufacturer's stock worth $2,070,000 after acquiring an additional 227 shares in the last quarter. Zevenbergen Capital Investments LLC grew its holdings in shares of Broadcom by 5.7% during the first quarter. Zevenbergen Capital Investments LLC now owns 31,700 shares of the semiconductor manufacturer's stock worth $42,015,000 after purchasing an additional 1,700 shares during the last quarter. Mitsubishi UFJ Asset Management UK Ltd. purchased a new stake in Broadcom during the first quarter valued at about $2,121,000. Illinois Municipal Retirement Fund lifted its position in Broadcom by 26.3% during the 1st quarter. Illinois Municipal Retirement Fund now owns 26,844 shares of the semiconductor manufacturer's stock valued at $35,579,000 after acquiring an additional 5,584 shares during the period. Finally, Forsta AP Fonden grew its holdings in shares of Broadcom by 7.9% in the first quarter. Forsta AP Fonden now owns 121,964 shares of the semiconductor manufacturer's stock valued at $161,652,000 after purchasing an additional 8,900 shares in the last quarter. 76.43% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on AVGO shares. UBS Group lifted their price objective on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a report on Monday. Morgan Stanley boosted their price objective on Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, September 6th. Oppenheimer lowered their target price on Broadcom from $2,000.00 to $200.00 and set an "outperform" rating for the company in a research report on Tuesday, July 16th. Mizuho lifted their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Finally, Truist Financial raised their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $192.79.
Get Our Latest Analysis on Broadcom
Broadcom Trading Down 0.1 %
NASDAQ:AVGO traded down $0.17 during trading hours on Friday, hitting $183.64. 13,491,305 shares of the company were exchanged, compared to its average volume of 29,781,646. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The company has a fifty day simple moving average of $170.75 and a 200 day simple moving average of $157.78. 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 stock has a market capitalization of $857.71 billion, a price-to-earnings ratio of 159.55, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS 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 period last year, the firm posted $0.95 EPS. Broadcom's revenue was up 47.3% on a year-over-year basis. Sell-side analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.
Broadcom Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.15%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is presently 184.19%.
Insider Transactions at Broadcom
In related news, insider Charlie B. Kawwas sold 25,200 shares of the business's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 24th. The stock was 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 owns 1,181,910 shares of the company's stock, valued at approximately $204,399,515.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, 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
(
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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