Pingora Partners LLC Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Pingora Partners LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 847.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 900 shares of the semiconductor manufacturer’s stock after acquiring an additional 805 shares during the quarter. Pingora Partners LLC’s holdings in Broadcom were worth $155,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Indiana Trust & Investment Management CO grew its stake in shares of Broadcom by 39.5% in the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock worth $85,000 after purchasing an additional 15 shares during the last quarter. Salem Investment Counselors Inc. increased its stake in shares of Broadcom by 2.9% during the second quarter. Salem Investment Counselors Inc. now owns 2,712 shares of the semiconductor manufacturer’s stock valued at $4,354,000 after buying an additional 77 shares during the period. TTP Investments Inc. raised its holdings in shares of Broadcom by 5.1% during the second quarter. TTP Investments Inc. now owns 3,237 shares of the semiconductor manufacturer’s stock valued at $5,196,000 after acquiring an additional 158 shares in the last quarter. Cherrydale Wealth Management LLC lifted its stake in Broadcom by 11.3% in the second quarter. Cherrydale Wealth Management LLC now owns 354 shares of the semiconductor manufacturer’s stock worth $568,000 after acquiring an additional 36 shares during the period. Finally, Prentice Wealth Management LLC lifted its position in shares of Broadcom by 17.5% in the 2nd quarter. Prentice Wealth Management LLC now owns 710 shares of the semiconductor manufacturer’s stock worth $1,140,000 after purchasing an additional 106 shares during the period. 76.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AVGO. Benchmark reaffirmed a “buy” rating and issued a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Rosenblatt Securities decreased their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Mizuho raised their price objective 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, Truist Financial increased their price target 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. Two equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Price Performance

Shares of Broadcom stock opened at $168.15 on Wednesday. The firm has a fifty day moving average price of $173.12 and a two-hundred day moving average price of $162.12. The company has a market cap of $785.36 billion, a PE ratio of 146.09, a price-to-earnings-growth ratio of 1.96 and a beta of 1.13. 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 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 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.95 earnings per share. Analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. Broadcom’s dividend payout ratio is 184.19%.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction 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 approximately $204,399,515.40. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. Company insiders own 2.00% of the company’s stock.

Broadcom Company 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.