Mattern Capital Management LLC Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Mattern Capital Management LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 905.8% in the third quarter, Holdings Channel reports. The fund owned 50,600 shares of the semiconductor manufacturer’s stock after purchasing an additional 45,569 shares during the quarter. Mattern Capital Management LLC’s holdings in Broadcom were worth $8,728,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of AVGO. Leeward Financial Partners LLC bought a new position in Broadcom in the first quarter worth approximately $212,000. Redmont Wealth Advisors LLC purchased a new stake in Broadcom in the first quarter worth about $36,000. Valley National Advisers Inc. raised its stake in shares of Broadcom by 4.3% in the first quarter. Valley National Advisers Inc. now owns 1,143 shares of the semiconductor manufacturer’s stock worth $1,514,000 after buying an additional 47 shares during the period. Red Tortoise LLC increased its holdings in Broadcom by 32.3% in the 1st quarter. Red Tortoise LLC now owns 82 shares of the semiconductor manufacturer’s stock worth $109,000 after acquiring an additional 20 shares in the last quarter. Finally, Community Bank & Trust Waco Texas raised its stake in Broadcom by 0.7% during the 1st quarter. Community Bank & Trust Waco Texas now owns 2,743 shares of the semiconductor manufacturer’s stock worth $3,636,000 after acquiring an additional 19 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Up 4.2 %

Broadcom stock opened at $179.24 on Wednesday. The business has a fifty day moving average price of $168.53 and a 200-day moving average price of $155.27. Broadcom Inc. has a 1-year low of $82.72 and a 1-year high of $186.42. The stock has a market capitalization of $834.34 billion, a price-to-earnings ratio of 155.86, a PEG ratio of 2.99 and a beta of 1.17. 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 posted its quarterly earnings data 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. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. Equities research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal 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 of this dividend 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 1.18%. Broadcom’s dividend payout ratio is currently 184.35%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Oppenheimer reduced their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Benchmark reissued a “buy” rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Truist Financial boosted their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Morgan Stanley boosted their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, JPMorgan Chase & Co. lifted their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $191.54.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the 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 owns 1,331,910 shares in the company, valued at $217,594,136.70. This 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 through the SEC website. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now 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 filing with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction dated 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 owns 753,280 shares in the company, valued at $126,754,425.60. The trade was 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.

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.