Artemis Investment Management LLP Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Artemis Investment Management LLP increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 3,504.9% during the third quarter, HoldingsChannel reports. The firm owned 559,267 shares of the semiconductor manufacturer’s stock after buying an additional 543,753 shares during the period. Broadcom comprises 1.5% of Artemis Investment Management LLP’s portfolio, making the stock its 16th biggest holding. Artemis Investment Management LLP’s holdings in Broadcom were worth $96,474,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in AVGO. Legend Financial Advisors Inc. increased its holdings in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares during the last quarter. Richardson Capital Management LLC purchased a new position in Broadcom during the 1st quarter valued at $29,000. Delta Asset Management LLC TN boosted its position in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 17 shares during the period. Redmont Wealth Advisors LLC bought a new position in Broadcom in the first quarter worth approximately $36,000. Finally, Creekmur Asset Management LLC purchased a new position in Broadcom during the 4th quarter valued at about $43,000. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $172.32, for a total transaction of $3,446,400.00. Following the sale, the chief executive officer now owns 1,151,910 shares in the company, valued at approximately $198,497,131.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $172.32, for a total transaction of $3,446,400.00. Following the completion of the transaction, the chief executive officer now owns 1,151,910 shares in the company, valued at $198,497,131.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 263,452 shares of company stock worth $56,396,638. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Up 3.2 %

AVGO opened at $180.73 on Wednesday. The business’s 50 day moving average is $160.14 and its two-hundred day moving average is $150.17. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $185.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a market cap of $841.28 billion, a price-to-earnings ratio of 7.77, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same period last year, the company earned $0.95 earnings per share. On average, research analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business 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 is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 9.12%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on AVGO. TD Cowen upgraded Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Barclays lifted their price target on Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Oppenheimer decreased their price target on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. Jefferies Financial Group increased their price target on Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Finally, Evercore ISI upped their price objective on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Two equities research 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $190.29.

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.