WealthPlan Investment Management LLC acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 16,290 shares of the semiconductor manufacturer's stock, valued at approximately $2,810,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVGO. Patron Partners LLC boosted its position in Broadcom by 888.8% in the 3rd quarter. Patron Partners LLC now owns 12,152 shares of the semiconductor manufacturer's stock valued at $2,096,000 after buying an additional 10,923 shares during the last quarter. WealthPLAN Partners LLC grew its stake in Broadcom by 271.7% during the 3rd quarter. WealthPLAN Partners LLC now owns 5,022 shares of the semiconductor manufacturer's stock valued at $866,000 after purchasing an additional 3,671 shares in the last quarter. First National Trust Co increased its holdings in Broadcom by 914.1% during the 3rd quarter. First National Trust Co now owns 221,116 shares of the semiconductor manufacturer's stock worth $38,143,000 after purchasing an additional 199,311 shares during the last quarter. Waverton Investment Management Ltd raised its position in shares of Broadcom by 582.5% in the 3rd quarter. Waverton Investment Management Ltd now owns 1,290 shares of the semiconductor manufacturer's stock valued at $222,000 after purchasing an additional 1,101 shares in the last quarter. Finally, Harbour Investments Inc. boosted its stake in shares of Broadcom by 877.7% during the 3rd quarter. Harbour Investments Inc. now owns 25,752 shares of the semiconductor manufacturer's stock valued at $4,442,000 after buying an additional 23,118 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.
Analyst Ratings Changes
Several research analysts have weighed in on the stock. UBS Group raised their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, November 4th. Morgan Stanley upped 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. Cantor Fitzgerald upped their price target on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research report on Tuesday, October 8th. Benchmark restated a "buy" rating and issued a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. Finally, William Blair started coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an "outperform" rating on the stock. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $192.79.
Read Our Latest Stock Analysis on Broadcom
Broadcom Trading Down 3.3 %
Broadcom stock traded down $5.54 during mid-day trading on Friday, hitting $164.84. The company's stock had a trading volume of 20,836,160 shares, compared to its average volume of 29,525,910. The business has a 50 day moving average price of $172.84 and a 200-day moving average price of $159.35. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The stock has a market cap of $769.90 billion, a price-to-earnings ratio of 143.34, a price-to-earnings-growth ratio of 2.04 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period last year, the company earned $0.95 EPS. Broadcom's revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.
Broadcom Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is currently 184.35%.
Insider Buying and Selling
In other news, insider Mark David Brazeal sold 18,900 shares of the firm's stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the transaction, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction dated Friday, October 11th. The stock was 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 approximately $133,781,155.20. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last three months. Corporate 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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