Platform Technology Partners Buys 2,274 Shares of Broadcom Inc. (NASDAQ:AVGO)

Platform Technology Partners increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 858.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,539 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,274 shares during the period. Platform Technology Partners’ holdings in Broadcom were worth $438,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Castleview Partners LLC raised its position in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 134 shares during the last quarter. Delta Asset Management LLC TN raised its position in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the last quarter. Tsfg LLC raised its position in Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 204 shares during the last quarter. Krane Funds Advisors LLC bought a new position in Broadcom in the 3rd quarter valued at $42,000. Finally, Highline Wealth Partners LLC bought a new position in Broadcom in the 3rd quarter valued at $45,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 3.3 %

Shares of NASDAQ:AVGO opened at $164.84 on Friday. The firm has a market cap of $769.90 billion, a price-to-earnings ratio of 143.34, a PEG ratio of 2.04 and a beta of 1.17. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The company’s fifty day simple moving average is $172.29 and its 200 day simple moving average is $159.14. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (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 firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the business posted $0.95 EPS. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. As a group, research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

Analysts Set New Price Targets

AVGO has been the subject of several research analyst reports. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Truist Financial boosted their target price on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. William Blair started coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Morgan Stanley boosted their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Cantor Fitzgerald boosted their target price on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $192.79.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the sale, the insider now owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. The trade was a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction dated Thursday, September 19th. The shares were 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 approximately $126,754,425.60. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Broadcom 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.