392,761 Shares in Broadcom Inc. (NASDAQ:AVGO) Acquired by Argent Capital Management LLC

Argent Capital Management LLC bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 392,761 shares of the semiconductor manufacturer’s stock, valued at approximately $67,751,000. Broadcom accounts for 1.9% of Argent Capital Management LLC’s investment portfolio, making the stock its 20th biggest position.

A number of other hedge funds also recently modified their holdings of AVGO. New Mexico Educational Retirement Board lifted its stake in Broadcom by 5.3% in the 1st quarter. New Mexico Educational Retirement Board now owns 24,046 shares of the semiconductor manufacturer’s stock worth $31,871,000 after acquiring an additional 1,200 shares in the last quarter. River Street Advisors LLC increased its holdings in shares of Broadcom by 3.7% in the 1st quarter. River Street Advisors LLC now owns 1,699 shares of the semiconductor manufacturer’s stock valued at $2,252,000 after purchasing an additional 60 shares during the period. Annapolis Financial Services LLC lifted its position in shares of Broadcom by 38.0% in the first quarter. Annapolis Financial Services LLC now owns 109 shares of the semiconductor manufacturer’s stock worth $144,000 after purchasing an additional 30 shares in the last quarter. Richardson Capital Management LLC purchased a new position in Broadcom during the first quarter valued at approximately $29,000. Finally, Cornerstone Wealth Group LLC lifted its position in Broadcom by 14.4% in the 1st quarter. Cornerstone Wealth Group LLC now owns 9,324 shares of the semiconductor manufacturer’s stock worth $12,359,000 after buying an additional 1,172 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of a number of recent research reports. Mizuho boosted their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Cantor Fitzgerald increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Morgan Stanley lifted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. raised their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, Oppenheimer decreased their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Two 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 company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $191.54.

Broadcom Stock Performance

NASDAQ:AVGO opened at $173.00 on Friday. The firm has a market capitalization of $805.29 billion, a PE ratio of 7.44, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. 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 12-month low of $81.83 and a 12-month high of $186.42. The firm has a 50-day moving average price of $168.18 and a 200 day moving average price of $154.68.

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

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.23%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Insider Activity at Broadcom

In other news, 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 transaction of $8,168,500.00. Following the completion of the sale, 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 in the last ninety days. 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.