Broadcom Inc. (NASDAQ:AVGO) Position Boosted by Meritage Portfolio Management

Meritage Portfolio Management grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 808.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 273,439 shares of the semiconductor manufacturer’s stock after buying an additional 243,324 shares during the quarter. Broadcom makes up 2.9% of Meritage Portfolio Management’s portfolio, making the stock its 4th biggest holding. Meritage Portfolio Management’s holdings in Broadcom were worth $47,168,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. AXA S.A. boosted its holdings in Broadcom by 2.7% in the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock worth $467,334,000 after buying an additional 7,608 shares during the period. Catalyst Financial Partners LLC lifted its position in shares of Broadcom by 943.3% in the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock valued at $3,473,000 after acquiring an additional 18,206 shares in the last quarter. Whittier Trust Co. boosted its stake in shares of Broadcom by 947.2% in the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock worth $119,000,000 after acquiring an additional 623,983 shares during the period. Summit Place Financial Advisors LLC grew its position in shares of Broadcom by 912.6% during the third quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock worth $1,691,000 after purchasing an additional 8,834 shares in the last quarter. Finally, Signaturefd LLC grew its position in shares of Broadcom by 913.0% during the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer’s stock worth $13,624,000 after purchasing an additional 71,181 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on AVGO shares. The Goldman Sachs Group upped their price target on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. UBS Group boosted their price target on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Morgan Stanley raised their price objective on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Truist Financial boosted their target price on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, William Blair started coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating for the company. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Trading Down 1.5 %

NASDAQ AVGO opened at $173.58 on Thursday. The stock has a market cap of $810.72 billion, a PE ratio of 150.81, a PEG ratio of 2.07 and a beta of 1.17. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The company’s 50-day moving average price is $171.55 and its 200-day moving average price is $158.53. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 EPS. Equities 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. 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 1.22%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. 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 hyperlink. In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom 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 transaction, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 in the last ninety days. 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.