Hanlon Investment Management Inc. Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Hanlon Investment Management Inc. raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 902.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 13,381 shares of the semiconductor manufacturer’s stock after purchasing an additional 12,046 shares during the quarter. Broadcom comprises about 0.6% of Hanlon Investment Management Inc.’s holdings, making the stock its 27th biggest position. Hanlon Investment Management Inc.’s holdings in Broadcom were worth $2,308,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Castleview Partners LLC raised its holdings in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 134 shares during the last quarter. Delta Asset Management LLC TN increased its holdings in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the last quarter. Tsfg LLC lifted its position in Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after buying an additional 204 shares in the last quarter. Krane Funds Advisors LLC acquired a new position in Broadcom during the third quarter worth $42,000. Finally, Highline Wealth Partners LLC purchased a new stake in Broadcom in the 3rd quarter valued at $45,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Up 2.4 %

AVGO opened at $183.81 on Friday. The business has a fifty day moving average price of $169.80 and a 200 day moving average price of $156.94. 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 Inc. has a 12 month low of $89.90 and a 12 month high of $186.42. The stock has a market capitalization of $858.50 billion, a price-to-earnings ratio of 159.70, a PEG ratio of 1.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business 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 business’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 earnings per share. Sell-side analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is 184.19%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 approximately $217,594,136.70. This trade 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 can be accessed through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. 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 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on AVGO. Truist Financial lifted their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. William Blair assumed coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. UBS Group increased their price target on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two 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 stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $192.79.

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.