ICICI Prudential Asset Management Co Ltd boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,088.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,497 shares of the semiconductor manufacturer's stock after buying an additional 55,407 shares during the quarter. Broadcom makes up approximately 1.1% of ICICI Prudential Asset Management Co Ltd's portfolio, making the stock its 17th largest holding. ICICI Prudential Asset Management Co Ltd's holdings in Broadcom were worth $10,436,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. AXA S.A. raised its holdings in shares of Broadcom by 2.7% during the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer's stock worth $467,334,000 after acquiring an additional 7,608 shares during the period. Catalyst Financial Partners LLC increased its holdings in Broadcom by 943.3% in the 3rd quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer's stock valued at $3,473,000 after purchasing an additional 18,206 shares during the last quarter. Whittier Trust Co. lifted its stake in Broadcom by 947.2% during the 3rd quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer's stock worth $119,000,000 after acquiring an additional 623,983 shares in the last quarter. Summit Place Financial Advisors LLC lifted its holdings in Broadcom by 912.6% during the 3rd quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer's stock worth $1,691,000 after buying an additional 8,834 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in Broadcom by 913.0% in the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer's stock valued at $13,624,000 after purchasing an additional 71,181 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.
AVGO has been the subject of a number of recent research reports. William Blair initiated coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an "outperform" rating for the company. UBS Group lifted their price target on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. Morgan Stanley upped their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, September 6th. JPMorgan Chase & Co. raised their price target on Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Finally, StockNews.com cut Broadcom from a "buy" rating to a "hold" rating in a research report on Tuesday, July 23rd. 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 stock. According to MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $192.79.
View Our Latest Report on AVGO
In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,181,910 shares of the company's stock, valued at approximately $204,399,515.40. The trade was a 11.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction 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 transaction, the insider now directly owns 737,330 shares in the company, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last three months. 2.00% of the stock is currently owned by insiders.
Broadcom stock opened at $164.84 on Friday. The firm has a market capitalization of $769.90 billion, a PE ratio of 143.34, a P/E/G ratio of 2.04 and a beta of 1.17. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. The firm's 50-day simple moving average is $172.84 and its 200 day simple moving average is $159.35. 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 (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating 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 prior year, the business earned $0.95 earnings per share. The company's quarterly revenue was up 47.3% on a year-over-year basis. On average, equities research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.29%. Broadcom's dividend payout ratio (DPR) is presently 184.35%.
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.
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