GUNN & Co INVESTMENT MANAGEMENT INC. Grows Position in Broadcom Inc. (NASDAQ:AVGO)

GUNN & Co INVESTMENT MANAGEMENT INC. raised its position in Broadcom Inc. (NASDAQ:AVGO) by 262.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,505 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,090 shares during the quarter. GUNN & Co INVESTMENT MANAGEMENT INC.’s holdings in Broadcom were worth $260,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Signature Resources Capital Management LLC lifted its position in shares of Broadcom by 900.0% during the third quarter. Signature Resources Capital Management LLC now owns 740 shares of the semiconductor manufacturer’s stock worth $128,000 after purchasing an additional 666 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in Broadcom by 1,074.8% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 84,305 shares of the semiconductor manufacturer’s stock valued at $14,544,000 after buying an additional 77,129 shares in the last quarter. First National Bank of Hutchinson boosted its position in Broadcom by 804.2% in the 3rd quarter. First National Bank of Hutchinson now owns 12,198 shares of the semiconductor manufacturer’s stock valued at $2,104,000 after buying an additional 10,849 shares during the period. Romano Brothers AND Company grew its stake in Broadcom by 926.9% in the 3rd quarter. Romano Brothers AND Company now owns 103,615 shares of the semiconductor manufacturer’s stock worth $17,874,000 after acquiring an additional 93,525 shares in the last quarter. Finally, Patrick M Sweeney & Associates Inc. increased its position in shares of Broadcom by 910.8% during the third quarter. Patrick M Sweeney & Associates Inc. now owns 4,599 shares of the semiconductor manufacturer’s stock worth $793,000 after acquiring an additional 4,144 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In related news, 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 value of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction 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 transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 over the last three months. 2.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Cantor Fitzgerald increased their price objective on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. UBS Group dropped their price target on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Oppenheimer decreased their price objective on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Morgan Stanley increased their target price on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $191.54.

Broadcom Stock Up 1.0 %

NASDAQ:AVGO opened at $173.00 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a twelve month low of $81.83 and a twelve month high of $186.42. The company has a market cap of $805.29 billion, a PE ratio of 7.44, a P/E/G ratio of 2.99 and a beta of 1.17. The company’s 50 day moving average is $168.18 and its two-hundred day moving average is $154.68.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for 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 quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 earnings per share. Analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.23%. Broadcom’s dividend payout ratio is currently 9.12%.

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.