Transcendent Capital Group LLC Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Transcendent Capital Group LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,278.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,444 shares of the semiconductor manufacturer’s stock after purchasing an additional 5,049 shares during the period. Transcendent Capital Group LLC’s holdings in Broadcom were worth $939,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Covestor Ltd raised its stake in Broadcom by 827.7% during the 3rd quarter. Covestor Ltd now owns 2,412 shares of the semiconductor manufacturer’s stock valued at $416,000 after purchasing an additional 2,152 shares during the period. 17 Capital Partners LLC purchased a new stake in Broadcom during the 3rd quarter valued at approximately $216,000. Mach 1 Financial Group LLC raised its position in shares of Broadcom by 905.1% during the third quarter. Mach 1 Financial Group LLC now owns 1,367 shares of the semiconductor manufacturer’s stock valued at $236,000 after buying an additional 1,231 shares during the last quarter. Mesirow Financial Investment Management Inc. lifted its holdings in shares of Broadcom by 923.5% in the third quarter. Mesirow Financial Investment Management Inc. now owns 243,361 shares of the semiconductor manufacturer’s stock worth $41,979,000 after buying an additional 219,584 shares in the last quarter. Finally, XML Financial LLC boosted its position in shares of Broadcom by 894.4% during the third quarter. XML Financial LLC now owns 10,382 shares of the semiconductor manufacturer’s stock worth $1,791,000 after acquiring an additional 9,338 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Mizuho boosted their price target on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Morgan Stanley increased their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Oppenheimer reduced their price objective on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. Cantor Fitzgerald increased their target price on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Finally, TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $192.79.

Broadcom Price Performance

Broadcom stock opened at $176.22 on Wednesday. The stock has a market cap of $823.05 billion, a price-to-earnings ratio of 153.10, a price-to-earnings-growth ratio of 2.16 and a beta of 1.17. The firm has a 50-day moving average of $171.08 and a two-hundred day moving average of $158.17. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. 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 (NASDAQ:AVGO) last announced its quarterly earnings data 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. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.95 earnings per share. On average, research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is presently 184.19%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction 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 sale, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction 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 transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. This represents a 0.00 % 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 valued at $53,540,590 over the last three months. 2.00% of the stock is owned by company 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.