Platform Technology Partners Has $438,000 Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Platform Technology Partners lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 858.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,539 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,274 shares during the quarter. Platform Technology Partners’ holdings in Broadcom were worth $438,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of AVGO. Jupiter Asset Management Ltd. boosted its position in shares of Broadcom by 34.9% in the 1st quarter. Jupiter Asset Management Ltd. now owns 10,129 shares of the semiconductor manufacturer’s stock valued at $13,425,000 after purchasing an additional 2,622 shares during the period. Allstate Corp lifted its stake in Broadcom by 1.0% in the 1st quarter. Allstate Corp now owns 1,407 shares of the semiconductor manufacturer’s stock worth $1,865,000 after acquiring an additional 14 shares in the last quarter. Strait & Sound Wealth Management LLC lifted its stake in Broadcom by 7.2% in the 1st quarter. Strait & Sound Wealth Management LLC now owns 638 shares of the semiconductor manufacturer’s stock worth $882,000 after acquiring an additional 43 shares in the last quarter. Catalytic Wealth RIA LLC purchased a new stake in Broadcom in the 1st quarter worth about $922,000. Finally, NWK Group Inc. lifted its stake in Broadcom by 2.8% in the 1st quarter. NWK Group Inc. now owns 7,813 shares of the semiconductor manufacturer’s stock worth $10,355,000 after acquiring an additional 215 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the sale, the insider now owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. This trade represents a 4.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

AVGO has been the subject of several research analyst reports. Cantor Fitzgerald increased their price objective on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. The Goldman Sachs Group increased their price objective on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Morgan Stanley increased their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Truist Financial raised their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Finally, TD Cowen raised Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Stock Performance

AVGO opened at $164.84 on Friday. The firm has a market capitalization of $769.90 billion, a P/E ratio of 143.34, a price-to-earnings-growth ratio of 2.04 and a beta of 1.17. The stock’s 50 day moving average price is $172.29 and its two-hundred day moving average price is $159.14. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (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 return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.95 EPS. On average, equities analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 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.