Truepoint Inc. Purchases 3,570 Shares of Broadcom Inc. (NASDAQ:AVGO)

Truepoint Inc. grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,684.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,782 shares of the semiconductor manufacturer's stock after purchasing an additional 3,570 shares during the period. Truepoint Inc.'s holdings in Broadcom were worth $652,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Lion Street Advisors LLC increased its position in Broadcom by 1.9% during the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer's stock valued at $520,000 after purchasing an additional 6 shares during the period. Optimum Investment Advisors increased its stake in shares of Broadcom by 0.6% in the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer's stock worth $2,262,000 after acquiring an additional 8 shares in the last quarter. Anderson Hoagland & Co. lifted its position in Broadcom by 0.3% during the 2nd quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer's stock valued at $4,623,000 after acquiring an additional 9 shares during the period. Wealth Group Ltd boosted its stake in Broadcom by 6.0% during the second quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer's stock worth $283,000 after acquiring an additional 10 shares in the last quarter. Finally, Canandaigua National Bank & Trust Co. increased its stake in shares of Broadcom by 1.4% during the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer's stock valued at $1,161,000 after purchasing an additional 10 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares in the company, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the sale, the director now owns 34,750 shares of the company's stock, valued at $6,064,917.50. This represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AVGO. Morgan Stanley upped their price target on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. Mizuho boosted their target price on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. Benchmark reissued a "buy" rating and issued a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a report on Friday, September 6th. Finally, Cantor Fitzgerald boosted their target price on Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a report on Tuesday, October 8th. Two investment 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 stock. According to data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and a consensus target price of $195.96.

Broadcom Stock Performance

AVGO traded down $0.08 during midday trading on Tuesday, reaching $164.74. The company had a trading volume of 16,236,259 shares, compared to its average volume of 29,199,652. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The business has a 50-day moving average of $173.72 and a two-hundred day moving average of $160.86. The company has a market cap of $769.43 billion, a P/E ratio of 143.99, a P/E/G ratio of 1.93 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 issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business's quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.95 earnings per share. As a group, equities research analysts predict that Broadcom Inc. will post 3.78 earnings per share 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 given a $0.53 dividend. This is a boost from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. Broadcom's dividend payout ratio is presently 184.19%.

Broadcom Company 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.