Rossmore Private Capital Boosts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Rossmore Private Capital increased its position in Broadcom Inc. (NASDAQ:AVGO) by 897.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 48,164 shares of the semiconductor manufacturer’s stock after acquiring an additional 43,335 shares during the period. Broadcom comprises approximately 1.0% of Rossmore Private Capital’s holdings, making the stock its 25th largest position. Rossmore Private Capital’s holdings in Broadcom were worth $8,308,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Swedbank AB boosted its holdings in shares of Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after acquiring an additional 16,453,718 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Broadcom by 917.8% in the third quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer’s stock worth $2,203,837,000 after purchasing an additional 11,453,554 shares during the last quarter. Raymond James & Associates grew its position in Broadcom by 855.4% in the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock worth $2,186,292,000 after purchasing an additional 11,347,563 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in Broadcom by 908.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,374,079 shares of the semiconductor manufacturer’s stock valued at $1,962,029,000 after buying an additional 10,245,786 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of Broadcom by 226,130.5% during the 3rd quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer’s stock valued at $14,224,520,000 after buying an additional 8,242,455 shares during the period. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following 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 sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last 90 days. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently commented on AVGO shares. William Blair assumed coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Mizuho upped their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. 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. Benchmark reaffirmed a “buy” rating and set a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Finally, The Goldman Sachs Group lifted their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $192.79.

Broadcom Stock Down 3.3 %

Shares of AVGO stock opened at $164.84 on Friday. The stock has a market cap of $769.90 billion, a P/E ratio of 143.34, a PEG ratio of 2.04 and a beta of 1.17. The company’s fifty day simple moving average is $172.84 and its two-hundred day simple moving average is $159.35. 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 Inc. has a 52 week low of $90.31 and a 52 week high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $12.98 billion. During the same period in the prior year, the company earned $0.95 earnings per share. The firm’s revenue was up 47.3% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared 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. 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 dividend on an annualized basis and a yield of 1.29%. Broadcom’s dividend payout ratio is presently 184.35%.

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.