Bridgewater Associates LP Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

Bridgewater Associates LP increased its position in Broadcom Inc. (NASDAQ:AVGO) by 3,805.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 955,433 shares of the semiconductor manufacturer’s stock after buying an additional 930,969 shares during the period. Broadcom accounts for about 0.9% of Bridgewater Associates LP’s investment portfolio, making the stock its 19th biggest position. Bridgewater Associates LP’s holdings in Broadcom were worth $164,812,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Broadcom by 166.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer’s stock valued at $3,070,000 after acquiring an additional 1,446 shares during the last quarter. Soltis Investment Advisors LLC boosted its holdings in shares of Broadcom by 7.4% in the 1st quarter. Soltis Investment Advisors LLC now owns 521 shares of the semiconductor manufacturer’s stock worth $690,000 after purchasing an additional 36 shares during the period. Cypress Asset Management Inc. TX increased its position in shares of Broadcom by 26.1% during the 1st quarter. Cypress Asset Management Inc. TX now owns 6,190 shares of the semiconductor manufacturer’s stock valued at $8,345,000 after purchasing an additional 1,282 shares during the last quarter. American Trust raised its holdings in Broadcom by 9.8% during the 1st quarter. American Trust now owns 495 shares of the semiconductor manufacturer’s stock valued at $656,000 after buying an additional 44 shares during the period. Finally, Jackson Wealth Management LLC lifted its position in Broadcom by 2.2% in the first quarter. Jackson Wealth Management LLC now owns 18,312 shares of the semiconductor manufacturer’s stock worth $24,271,000 after buying an additional 386 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

AVGO has been the topic of a number of analyst reports. Benchmark reiterated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Mizuho upped their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. The Goldman Sachs Group increased their price objective 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. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Finally, William Blair assumed coverage on Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Two research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $195.96.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. This trade represents a 11.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’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 sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

Broadcom Stock Down 3.1 %

NASDAQ:AVGO opened at $159.67 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The stock has a market capitalization of $745.75 billion, a P/E ratio of 138.84, a P/E/G ratio of 1.94 and a beta of 1.17. The company’s 50-day simple moving average is $173.57 and its 200-day simple moving average is $161.49. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO) last released its quarterly 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 business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, equities analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

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.