Broadcom Inc. (NASDAQ:AVGO) Shares Bought by M&G Plc

M&G Plc lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 790.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,092,811 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,745,447 shares during the period. Broadcom comprises about 2.7% of M&G Plc’s holdings, making the stock its 4th largest position. M&G Plc owned 0.07% of Broadcom worth $535,056,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Delta Asset Management LLC TN grew its holdings in shares of Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares during the last quarter. Clear Point Advisors Inc. increased its holdings in shares of Broadcom by 310.0% in the first quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer’s stock valued at $54,000 after purchasing an additional 31 shares during the period. Indiana Trust & Investment Management CO raised its stake in shares of Broadcom by 39.5% during the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock worth $85,000 after purchasing an additional 15 shares during the last quarter. Creekmur Asset Management LLC lifted its holdings in shares of Broadcom by 89.7% during the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock worth $98,000 after purchasing an additional 35 shares during the period. Finally, Kiely Wealth Advisory Group Inc. acquired a new position in Broadcom in the 2nd quarter valued at $128,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Charlie B. Kawwas sold 25,200 shares of the firm’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 value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 approximately $126,754,425.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 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 insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on AVGO. Rosenblatt Securities lowered their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Morgan Stanley lifted their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. UBS Group increased their price objective on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Finally, The Goldman Sachs Group boosted their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $183.64 on Friday. The company has a 50-day simple moving average of $170.75 and a 200-day simple moving average of $157.78. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a market cap of $857.71 billion, a PE ratio of 159.55, a price-to-earnings-growth ratio of 2.11 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 results 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. 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 the consensus estimate of $12.98 billion. During the same period in the previous year, the firm posted $0.95 EPS. Broadcom’s revenue was up 47.3% on a year-over-year basis. On average, equities analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.15%. Broadcom’s payout ratio is 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.