Broadcom Inc. (NASDAQ:AVGO) is Van ECK Associates Corp's 5th Largest Position

Van ECK Associates Corp lifted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 917.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,701,500 shares of the semiconductor manufacturer's stock after acquiring an additional 11,453,554 shares during the period. Broadcom accounts for approximately 2.4% of Van ECK Associates Corp's holdings, making the stock its 5th biggest holding. Van ECK Associates Corp owned 0.27% of Broadcom worth $2,203,837,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Whitener Capital Management Inc. bought a new position in Broadcom during the third quarter valued at $208,000. Glassy Mountain Advisors Inc. grew its holdings in Broadcom by 887.8% during the 3rd quarter. Glassy Mountain Advisors Inc. now owns 62,646 shares of the semiconductor manufacturer's stock valued at $10,806,000 after purchasing an additional 56,304 shares during the last quarter. GFS Advisors LLC grew its holdings in Broadcom by 1,135.9% during the 3rd quarter. GFS Advisors LLC now owns 1,582 shares of the semiconductor manufacturer's stock valued at $273,000 after purchasing an additional 1,454 shares during the last quarter. Fort Pitt Capital Group LLC raised its position in Broadcom by 1,169.1% in the 3rd quarter. Fort Pitt Capital Group LLC now owns 935,816 shares of the semiconductor manufacturer's stock worth $161,428,000 after purchasing an additional 862,078 shares during the period. Finally, Latitude Advisors LLC lifted its stake in Broadcom by 998.3% in the third quarter. Latitude Advisors LLC now owns 6,436 shares of the semiconductor manufacturer's stock worth $1,110,000 after purchasing an additional 5,850 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

AVGO has been the topic of several recent analyst reports. Truist Financial increased their price target on Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Cantor Fitzgerald increased their target price on Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 8th. William Blair began coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an "outperform" rating for the company. Oppenheimer reduced their price target on shares of Broadcom from $2,000.00 to $200.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 16th. Finally, Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $192.79.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the business'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 sale, the insider now owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction dated 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 completion of the sale, the insider now owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction dated 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 in the company, valued at $133,781,155.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Up 3.2 %

Shares of Broadcom stock traded up $5.65 on Wednesday, reaching $179.55. The stock had a trading volume of 23,868,191 shares, compared to its average volume of 29,908,316. Broadcom Inc. has a 1 year low of $87.62 and a 1 year high of $186.42. The company has a 50 day moving average price of $169.80 and a 200 day moving average price of $156.94. 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 stock has a market capitalization of $838.60 billion, a P/E ratio of 155.99, a P/E/G ratio of 1.99 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 business 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%. The business's quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 earnings per share. As a group, equities research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared 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 was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.18%. Broadcom's payout ratio is presently 184.19%.

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.