Connective Portfolio Management LLC Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Connective Portfolio Management LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,800 shares of the semiconductor manufacturer’s stock after buying an additional 6,120 shares during the period. Broadcom comprises 1.3% of Connective Portfolio Management LLC’s investment portfolio, making the stock its 20th largest holding. Connective Portfolio Management LLC’s holdings in Broadcom were worth $1,139,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Ethic Inc. grew its holdings in Broadcom by 9.7% during the 4th quarter. Ethic Inc. now owns 24,218 shares of the semiconductor manufacturer’s stock worth $27,034,000 after acquiring an additional 2,135 shares in the last quarter. Putnam Investments LLC increased its holdings in Broadcom by 2.2% in the fourth quarter. Putnam Investments LLC now owns 588,836 shares of the semiconductor manufacturer’s stock valued at $657,288,000 after buying an additional 12,432 shares during the last quarter. First Financial Bankshares Inc acquired a new stake in Broadcom in the fourth quarter valued at $93,341,000. Washington Trust Bank lifted its holdings in Broadcom by 12.4% during the 4th quarter. Washington Trust Bank now owns 482 shares of the semiconductor manufacturer’s stock worth $538,000 after buying an additional 53 shares during the last quarter. Finally, Power Corp of Canada boosted its position in shares of Broadcom by 4.2% during the 4th quarter. Power Corp of Canada now owns 9,407 shares of the semiconductor manufacturer’s stock worth $10,501,000 after acquiring an additional 378 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research analyst reports. Barclays raised their target price on Broadcom from $150.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. 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 research report on Friday, September 6th. Cantor Fitzgerald increased their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday. William Blair began coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. Finally, Rosenblatt Securities dropped their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Two 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 company’s stock. According to data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $190.29.

Broadcom Price Performance

AVGO traded down $2.36 on Wednesday, hitting $178.37. 2,823,410 shares of the company were exchanged, compared to its average volume of 30,919,760. The business’s fifty day moving average is $160.88 and its 200 day moving average is $150.57. Broadcom Inc. has a fifty-two week low of $81.83 and a fifty-two week high of $185.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm has a market capitalization of $830.29 billion, a P/E ratio of 7.77, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating 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 the consensus estimate of $12.98 billion. During the same period last year, the business posted $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. As a group, sell-side analysts anticipate 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. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents 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 available at the SEC website. Also, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated 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 directly owns 1,151,910 shares of the company’s stock, 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 quarter, insiders sold 263,452 shares of company stock worth $56,396,638. Insiders own 2.00% of the company’s stock.

About Broadcom

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.