Polar Asset Management Partners Inc. Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Polar Asset Management Partners Inc. acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 63,000 shares of the semiconductor manufacturer’s stock, valued at approximately $10,868,000.

Several other institutional investors have also modified their holdings of AVGO. Castleview Partners LLC raised its holdings in shares of Broadcom by 1,030.8% in the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 134 shares during the period. Pin Oak Investment Advisors Inc. increased its holdings in Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares during the period. Tsfg LLC increased its holdings in Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after purchasing an additional 204 shares during the period. Cedar Wealth Management LLC boosted its position in Broadcom by 900.0% during the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock valued at $41,000 after acquiring an additional 216 shares in the last quarter. Finally, Krane Funds Advisors LLC bought a new stake in Broadcom during the 3rd quarter valued at $42,000. 76.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

AVGO has been the topic of several recent research reports. The Goldman Sachs Group increased their target price on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Rosenblatt Securities dropped their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Truist Financial increased 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. William Blair initiated coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Finally, Cantor Fitzgerald increased their target price on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Trading Up 1.0 %

NASDAQ AVGO opened at $168.15 on Wednesday. The company has a 50-day moving average of $173.12 and a 200-day moving average of $162.12. The company has a market cap of $785.36 billion, a P/E ratio of 146.09, a P/E/G ratio of 1.96 and a beta of 1.13. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. 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) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating 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 company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the prior year, the business posted $0.95 EPS. The business’s revenue was up 47.3% on a year-over-year basis. As a group, equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.26%. Broadcom’s dividend payout ratio (DPR) is 184.19%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 over the last ninety days. 2.00% of the stock is owned by insiders.

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.