Pictet North America Advisors SA Grows Holdings in Broadcom Inc. (NASDAQ:AVGO)

Pictet North America Advisors SA grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 948.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 13,000 shares of the semiconductor manufacturer’s stock after buying an additional 11,760 shares during the period. Pictet North America Advisors SA’s holdings in Broadcom were worth $2,242,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Legend Financial Advisors Inc. boosted its stake in Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 8 shares in the last quarter. Castleview Partners LLC boosted its stake in shares of 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 in the last quarter. Richardson Capital Management LLC bought a new position in shares of Broadcom during the 1st quarter valued at $29,000. 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 worth $32,000 after purchasing an additional 17 shares during the period. Finally, Redmont Wealth Advisors LLC bought a new stake in Broadcom in the first quarter worth $36,000. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Down 1.2 %

Shares of Broadcom stock opened at $171.35 on Friday. Broadcom Inc. has a 1 year low of $81.83 and a 1 year high of $186.42. The firm has a market cap of $797.61 billion, a price-to-earnings ratio of 7.37, a PEG ratio of 2.99 and a beta of 1.17. The company has a 50-day moving average of $167.93 and a 200 day moving average of $154.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last released its 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. The firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. 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 earnings per share. As a group, sell-side analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.24%. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated 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 directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction dated 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 sale, the insider now directly owns 737,330 shares in the company, valued at approximately $133,781,155.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on AVGO shares. Benchmark reiterated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. The Goldman Sachs Group lifted their price target on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Mizuho lifted their target price on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $191.54.

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.