Cantillon Capital Management LLC Buys 6,559,316 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cantillon Capital Management LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 849.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 7,331,393 shares of the semiconductor manufacturer’s stock after acquiring an additional 6,559,316 shares during the quarter. Broadcom comprises 7.7% of Cantillon Capital Management LLC’s investment portfolio, making the stock its biggest position. Cantillon Capital Management LLC’s holdings in Broadcom were worth $1,264,665,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of AVGO. Stonebridge Capital Advisors LLC increased its position in Broadcom by 18.9% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 226 shares of the semiconductor manufacturer’s stock worth $300,000 after buying an additional 36 shares during the period. Gamco Investors INC. ET AL increased its position in Broadcom by 80.5% during the first quarter. Gamco Investors INC. ET AL now owns 897 shares of the semiconductor manufacturer’s stock worth $1,189,000 after acquiring an additional 400 shares during the period. Epoch Investment Partners Inc. raised its stake in Broadcom by 6.2% in the 1st quarter. Epoch Investment Partners Inc. now owns 395,266 shares of the semiconductor manufacturer’s stock worth $523,890,000 after purchasing an additional 23,162 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in Broadcom by 297.2% in the 1st quarter. Lazard Asset Management LLC now owns 523,732 shares of the semiconductor manufacturer’s stock valued at $694,158,000 after purchasing an additional 391,877 shares during the period. Finally, Steel Grove Capital Advisors LLC grew its position in shares of Broadcom by 75.5% during the 1st quarter. Steel Grove Capital Advisors LLC now owns 918 shares of the semiconductor manufacturer’s stock worth $1,217,000 after purchasing an additional 395 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Rosenblatt Securities dropped their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. William Blair started coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. UBS Group raised 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. Mizuho upped their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Finally, TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $192.79.

Broadcom Trading Up 0.4 %

AVGO opened at $163.89 on Friday. The company’s 50 day moving average price is $173.77 and its two-hundred day moving average price is $160.37. The firm has a market capitalization of $765.45 billion, a price-to-earnings ratio of 142.39, a PEG ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week 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 posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the prior year, the business posted $0.95 earnings per share. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. As a group, research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced 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 represents a $2.12 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 184.19%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The stock was 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 trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by insiders.

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.