Menard Financial Group LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 899.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,369 shares of the semiconductor manufacturer’s stock after acquiring an additional 12,932 shares during the quarter. Broadcom comprises approximately 1.6% of Menard Financial Group LLC’s portfolio, making the stock its 10th biggest holding. Menard Financial Group LLC’s holdings in Broadcom were worth $2,479,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in AVGO. Indiana Trust & Investment Management CO increased its position in Broadcom by 39.5% during the 2nd quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock worth $85,000 after purchasing an additional 15 shares in the last quarter. Salem Investment Counselors Inc. lifted its stake in shares of Broadcom by 2.9% during the second quarter. Salem Investment Counselors Inc. now owns 2,712 shares of the semiconductor manufacturer’s stock valued at $4,354,000 after buying an additional 77 shares during the period. TTP Investments Inc. increased its stake in Broadcom by 5.1% in the second quarter. TTP Investments Inc. now owns 3,237 shares of the semiconductor manufacturer’s stock valued at $5,196,000 after purchasing an additional 158 shares during the last quarter. Cherrydale Wealth Management LLC raised its stake in Broadcom by 11.3% during the second quarter. Cherrydale Wealth Management LLC now owns 354 shares of the semiconductor manufacturer’s stock worth $568,000 after purchasing an additional 36 shares during the period. Finally, Prentice Wealth Management LLC boosted its holdings in Broadcom by 17.5% in the second quarter. Prentice Wealth Management LLC now owns 710 shares of the semiconductor manufacturer’s stock valued at $1,140,000 after acquiring an additional 106 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
AVGO has been the subject of a number of analyst reports. William Blair assumed coverage on Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. Morgan Stanley increased their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Mizuho upped their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Finally, UBS Group upped their target price on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Two investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $195.96.
Broadcom Stock Performance
Shares of AVGO stock opened at $168.15 on Wednesday. The stock’s fifty day simple moving average is $173.12 and its 200-day simple moving average is $162.12. The company has a market capitalization of $785.36 billion, a price-to-earnings ratio of 146.09, a P/E/G ratio of 1.96 and a beta of 1.13. 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 1-year low of $90.31 and a 1-year high of $186.42.
Broadcom (NASDAQ:AVGO – Get Free Report) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates 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%. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 EPS. On average, sell-side 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. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. Broadcom’s dividend payout ratio is 184.19%.
Insider Activity at Broadcom
In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s 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 transaction, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. This trade represents a 11.26 % 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 valued at $53,540,590. Insiders own 2.00% of the company’s stock.
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.
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