Trust Asset Management LLC Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

Trust Asset Management LLC raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 900.0% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 48,390 shares of the semiconductor manufacturer's stock after purchasing an additional 43,551 shares during the period. Broadcom accounts for approximately 0.7% of Trust Asset Management LLC's portfolio, making the stock its 15th biggest holding. Trust Asset Management LLC's holdings in Broadcom were worth $8,347,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Jennison Associates LLC increased its holdings in shares of 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 during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Broadcom by 962.3% in the 3rd 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 buying an additional 28,985,434 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Broadcom by 938.8% in the 3rd quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer's stock worth $4,040,430,000 after acquiring an additional 21,168,095 shares during the last quarter. Swedbank AB raised its holdings in shares of Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock worth $3,168,798,000 after acquiring an additional 16,453,718 shares during the period. Finally, Swiss National Bank boosted its position in shares of Broadcom by 907.0% during the 3rd quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer's stock valued at $2,264,223,000 after acquiring an additional 11,822,467 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a research note on Friday, September 6th. TD Cowen raised shares of Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. Cantor Fitzgerald increased their price objective on Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 8th. Truist Financial lifted their target price on Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research report on Tuesday, October 8th. Finally, Mizuho increased their price target on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. Two research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $195.96.

Broadcom Stock Down 0.0 %

Broadcom stock opened at $164.74 on Wednesday. The firm has a market capitalization of $769.43 billion, a P/E ratio of 143.13, a P/E/G ratio of 1.94 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The stock's fifty day simple moving average is $173.76 and its 200-day simple moving average is $161.09.

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 for the quarter, topping the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom's revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.95 EPS. As a group, equities analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is currently 184.19%.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the company's stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now directly owns 737,330 shares of the company's stock, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last 90 days. Corporate insiders own 2.00% of the company's stock.

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.