Bank of Montreal Can Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Bank of Montreal Can lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 814.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,096,312 shares of the semiconductor manufacturer’s stock after purchasing an additional 14,335,935 shares during the quarter. Broadcom comprises about 1.2% of Bank of Montreal Can’s holdings, making the stock its 12th largest holding. Bank of Montreal Can’s holdings in Broadcom were worth $2,779,672,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. increased its position in Broadcom by 166.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer’s stock worth $3,070,000 after purchasing an additional 1,446 shares during the last quarter. FSA Advisors Inc. acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $264,000. Cetera Investment Advisers raised its position in shares of Broadcom by 258.7% during the 1st quarter. Cetera Investment Advisers now owns 102,941 shares of the semiconductor manufacturer’s stock valued at $136,438,000 after buying an additional 74,244 shares during the period. Cetera Advisors LLC lifted its holdings in Broadcom by 95.3% in the first quarter. Cetera Advisors LLC now owns 27,454 shares of the semiconductor manufacturer’s stock valued at $36,387,000 after acquiring an additional 13,398 shares during the last quarter. Finally, Cetera Advisor Networks LLC increased its stake in Broadcom by 33.9% during the first quarter. Cetera Advisor Networks LLC now owns 57,900 shares of the semiconductor manufacturer’s stock worth $76,742,000 after acquiring an additional 14,664 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Broadcom stock opened at $159.67 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a fifty day simple moving average of $173.72 and a 200-day simple moving average of $161.28. The stock has a market cap of $745.75 billion, a P/E ratio of 138.72, a price-to-earnings-growth ratio of 1.94 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 announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 EPS. Equities analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.33%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is 184.19%.

Analyst Upgrades and Downgrades

AVGO has been the topic of several recent analyst reports. Cantor Fitzgerald upped their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. UBS Group lifted their price target on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Benchmark restated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Finally, Truist Financial lifted their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $195.96.

Insiders Place Their Bets

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