Rossmore Private Capital Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Rossmore Private Capital grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 897.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,164 shares of the semiconductor manufacturer’s stock after purchasing an additional 43,335 shares during the period. Broadcom makes up 1.0% of Rossmore Private Capital’s portfolio, making the stock its 25th biggest holding. Rossmore Private Capital’s holdings in Broadcom were worth $8,308,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Hillsdale Investment Management Inc. increased its holdings in shares of Broadcom by 35.5% in the 1st quarter. Hillsdale Investment Management Inc. now owns 420 shares of the semiconductor manufacturer’s stock worth $557,000 after buying an additional 110 shares during the last quarter. Alley Investment Management Company LLC bought a new position in Broadcom in the first quarter valued at $272,000. Resurgent Financial Advisors LLC raised its position in Broadcom by 14.2% during the first quarter. Resurgent Financial Advisors LLC now owns 514 shares of the semiconductor manufacturer’s stock valued at $681,000 after purchasing an additional 64 shares in the last quarter. Trustmark National Bank Trust Department lifted its stake in Broadcom by 3.4% during the first quarter. Trustmark National Bank Trust Department now owns 3,188 shares of the semiconductor manufacturer’s stock worth $4,225,000 after purchasing an additional 104 shares during the last quarter. Finally, PAX Financial Group LLC boosted its holdings in shares of Broadcom by 16.8% in the 1st quarter. PAX Financial Group LLC now owns 230 shares of the semiconductor manufacturer’s stock worth $305,000 after purchasing an additional 33 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $164.84 on Friday. 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 1 year low of $90.31 and a 1 year high of $186.42. The firm has a 50-day moving average of $172.84 and a 200 day moving average of $159.35. The company has a market cap of $769.90 billion, a P/E ratio of 143.34, a PEG ratio of 2.04 and a beta of 1.17.

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 return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the prior year, the company earned $0.95 EPS. The business’s revenue was up 47.3% compared to the same quarter last year. On average, sell-side analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. Broadcom’s dividend payout ratio is currently 184.35%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AVGO. Truist Financial raised their price objective on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Finally, Cantor Fitzgerald raised their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $192.79.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 in the last three months. 2.00% of the stock is owned by corporate insiders.

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.