Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 977.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,069,312 shares of the semiconductor manufacturer's stock after acquiring an additional 2,784,463 shares during the quarter. Broadcom makes up approximately 1.6% of Zurcher Kantonalbank Zurich Cantonalbank's holdings, making the stock its 9th largest position. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of Broadcom worth $529,456,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. AXA S.A. raised its position in shares of Broadcom by 2.7% during the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer's stock worth $467,334,000 after purchasing an additional 7,608 shares during the period. Catalyst Financial Partners LLC grew its stake in Broadcom by 943.3% during the 3rd quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer's stock worth $3,473,000 after buying an additional 18,206 shares during the last quarter. Whittier Trust Co. increased its position in Broadcom by 947.2% in the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer's stock worth $119,000,000 after buying an additional 623,983 shares during the period. Summit Place Financial Advisors LLC lifted its stake in Broadcom by 912.6% in the third quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer's stock valued at $1,691,000 after buying an additional 8,834 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Broadcom by 913.0% during the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer's stock valued at $13,624,000 after acquiring an additional 71,181 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 2.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 1,181,910 shares of the company's stock, valued at approximately $204,399,515.40. The trade was a 11.26 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

Broadcom Stock Up 1.5 %

Broadcom stock traded up $2.41 during mid-day trading on Friday, hitting $162.08. The company's stock had a trading volume of 11,024,005 shares, compared to its average volume of 29,107,898. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The company has a market cap of $757.01 billion, a PE ratio of 140.82, a price-to-earnings-growth ratio of 1.88 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. The firm's 50 day moving average is $173.39 and its 200 day moving average is $161.69.

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 analysts' consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period in the prior year, the firm earned $0.95 earnings per share. The firm's revenue was up 47.3% compared to the same quarter last year. On average, analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is a boost from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.31%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom's payout ratio is currently 184.19%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on AVGO shares. TD Cowen raised shares of Broadcom to a "strong-buy" rating in a report on Monday, September 16th. Rosenblatt Securities dropped their price target on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a research note on Friday, September 6th. Cantor Fitzgerald boosted 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. William Blair began coverage on Broadcom in a research report on Wednesday, September 18th. They issued an "outperform" rating on the stock. Finally, The Goldman Sachs Group upped their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a report on Friday, September 6th. Two equities 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.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $195.96.

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.