Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Rock Point Advisors LLC

Rock Point Advisors LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 865.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,265 shares of the semiconductor manufacturer’s stock after acquiring an additional 59,399 shares during the period. Broadcom accounts for approximately 3.1% of Rock Point Advisors LLC’s investment portfolio, making the stock its 9th biggest holding. Rock Point Advisors LLC’s holdings in Broadcom were worth $11,431,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Lion Street Advisors LLC lifted its position in shares of Broadcom by 1.9% during the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after buying an additional 6 shares in the last quarter. Optimum Investment Advisors lifted its position in shares of Broadcom by 0.6% during the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock worth $2,262,000 after buying an additional 8 shares in the last quarter. Anderson Hoagland & Co. lifted its position in shares of Broadcom by 0.3% during the 2nd quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer’s stock worth $4,623,000 after buying an additional 9 shares in the last quarter. Wealth Group Ltd lifted its position in shares of Broadcom by 6.0% during the 2nd quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock worth $283,000 after buying an additional 10 shares in the last quarter. Finally, Canandaigua National Bank & Trust Co. lifted its position in shares of Broadcom by 1.4% during the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer’s stock worth $1,161,000 after buying an additional 10 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on AVGO shares. UBS Group lifted their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. The Goldman Sachs Group lifted their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Truist Financial lifted their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Mizuho lifted their price target on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $195.96.

Broadcom Stock Down 3.1 %

AVGO opened at $159.67 on Thursday. The company has a fifty day moving average price of $173.72 and a 200-day moving average price of $161.28. The firm has a market capitalization 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. 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 Inc. has a one year low of $90.31 and a one year high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping 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 company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the business earned $0.95 earnings per share. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. Equities research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given 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 annualized dividend and a yield of 1.33%. Broadcom’s payout ratio is 184.19%.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction on 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 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 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

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.