Broadcom Inc. (NASDAQ:AVGO) Position Lifted by Sycomore Asset Management

Sycomore Asset Management lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 966.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 107,982 shares of the semiconductor manufacturer's stock after purchasing an additional 97,860 shares during the period. Broadcom comprises 2.8% of Sycomore Asset Management's portfolio, making the stock its 6th largest holding. Sycomore Asset Management's holdings in Broadcom were worth $19,231,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of AVGO. Castleview Partners LLC lifted its stake in shares of Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after purchasing an additional 134 shares during the last quarter. Delta Asset Management LLC TN boosted its position in Broadcom by 242.9% during the first 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 in the last quarter. Tsfg LLC increased 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 acquiring an additional 204 shares in the last quarter. Krane Funds Advisors LLC purchased a new stake in shares of Broadcom during the third quarter worth about $42,000. Finally, Highline Wealth Partners LLC purchased a new position in shares of Broadcom in the third quarter valued at approximately $45,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Up 0.5 %

Shares of NASDAQ:AVGO traded up $0.83 during trading on Monday, reaching $165.67. 17,535,801 shares of the stock were exchanged, compared to its average volume of 29,472,271. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a fifty day moving average of $172.84 and a two-hundred day moving average of $159.35. The firm has a market cap of $773.77 billion, a price-to-earnings ratio of 143.13, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for 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 firm'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 earnings per share. Research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.28%. Broadcom's payout ratio is presently 184.19%.

Insider Buying and Selling at Broadcom

In related news, Director Gayla J. Delly sold 750 shares of the company's stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now owns 34,750 shares in the company, valued at $6,064,917.50. The trade was a 2.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the firm's stock in a transaction dated 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 owns 1,181,910 shares of the company's stock, valued at approximately $204,399,515.40. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. UBS Group lifted their target price on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research report on Monday, November 4th. William Blair initiated coverage on Broadcom in a report on Wednesday, September 18th. They issued an "outperform" rating on the stock. TD Cowen raised Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. Morgan Stanley raised their price objective on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a research report 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. According to MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and an average target price of $192.79.

Broadcom 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.