Altman Advisors Inc. Buys 18,006 Shares of Broadcom Inc. (NASDAQ:AVGO)

Altman Advisors Inc. increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 895.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,017 shares of the semiconductor manufacturer’s stock after purchasing an additional 18,006 shares during the quarter. Broadcom comprises about 1.5% of Altman Advisors Inc.’s portfolio, making the stock its 11th biggest position. Altman Advisors Inc.’s holdings in Broadcom were worth $3,453,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Jennison Associates LLC raised its stake in shares of Broadcom by 842.4% during the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after buying an additional 32,178,542 shares during the last quarter. Swedbank AB grew its holdings in Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after acquiring an additional 16,453,718 shares during the period. Swiss National Bank raised its position in shares of Broadcom by 907.0% during the 3rd quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer’s stock valued at $2,264,223,000 after acquiring an additional 11,822,467 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Broadcom by 917.8% in the 3rd quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer’s stock valued at $2,203,837,000 after purchasing an additional 11,453,554 shares during the period. Finally, Raymond James & Associates boosted its position in shares of Broadcom by 855.4% in the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock worth $2,186,292,000 after purchasing an additional 11,347,563 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 0.2 %

Broadcom stock opened at $164.23 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 1-year low of $90.31 and a 1-year high of $186.42. The company has a fifty day simple moving average of $173.70 and a 200 day simple moving average of $160.62. The company has a market cap of $767.05 billion, a P/E ratio of 142.81, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17.

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 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 analysts’ expectations of $12.98 billion. During the same quarter last year, the company earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 184.35%.

Insider Activity

In related news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This trade represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on AVGO. Benchmark reiterated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Truist Financial lifted their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Morgan Stanley upped their target price 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. Cantor Fitzgerald lifted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Finally, TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $192.79.

Broadcom 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.