Erste Asset Management GmbH Buys Shares of 612,288 Broadcom Inc. (NASDAQ:AVGO)

Erste Asset Management GmbH purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the third quarter, HoldingsChannel reports. The fund purchased 612,288 shares of the semiconductor manufacturer’s stock, valued at approximately $105,726,000. Broadcom makes up approximately 1.3% of Erste Asset Management GmbH’s holdings, making the stock its 11th biggest position.

Other institutional investors have also modified their holdings of the company. Bank & Trust Co acquired a new position in Broadcom in the second quarter valued at $153,000. Quent Capital LLC grew its holdings in shares of Broadcom by 7.3% during the 2nd quarter. Quent Capital LLC now owns 1,286 shares of the semiconductor manufacturer’s stock worth $2,064,000 after purchasing an additional 87 shares during the period. Trust Co. of Toledo NA OH increased its position in Broadcom by 2.7% during the 2nd quarter. Trust Co. of Toledo NA OH now owns 1,593 shares of the semiconductor manufacturer’s stock worth $2,558,000 after purchasing an additional 42 shares in the last quarter. Boltwood Capital Management purchased a new position in Broadcom in the second quarter valued at approximately $225,000. Finally, Burns Matteson Capital Management LLC acquired a new position in Broadcom during the second quarter valued at approximately $233,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction that occurred on 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 sale, the insider now directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. The trade was a 2.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of research analyst reports. Truist Financial lifted their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Mizuho upped their target price on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. William Blair initiated coverage on Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating for the company. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Cantor Fitzgerald boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $195.96.

Broadcom Stock Up 1.5 %

Shares of NASDAQ AVGO opened at $162.08 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company’s fifty day simple moving average is $173.39 and its 200 day simple moving average is $161.69. The firm has a market cap of $757.01 billion, a PE ratio of 140.82, a P/E/G ratio of 1.91 and a beta of 1.17. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s revenue was up 47.3% on a year-over-year basis. During the same period last year, the business earned $0.95 EPS. As a group, sell-side analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

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

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.