Broadcom Inc. (NASDAQ:AVGO) Position Raised by TrinityPoint Wealth LLC

TrinityPoint Wealth LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 800.2% in the third quarter, HoldingsChannel.com reports. The firm owned 16,338 shares of the semiconductor manufacturer’s stock after buying an additional 14,523 shares during the period. TrinityPoint Wealth LLC’s holdings in Broadcom were worth $2,818,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cincinnati Financial Corp boosted its position in shares of Broadcom by 569.8% in the 3rd quarter. Cincinnati Financial Corp now owns 1,734,060 shares of the semiconductor manufacturer’s stock valued at $299,125,000 after purchasing an additional 1,475,160 shares during the period. Glass Wealth Management Co LLC increased its position in shares of Broadcom by 903.7% in the third quarter. Glass Wealth Management Co LLC now owns 110,480 shares of the semiconductor manufacturer’s stock worth $19,058,000 after acquiring an additional 99,473 shares in the last quarter. Gilbert & Cook Inc. raised its holdings in shares of Broadcom by 1,057.9% during the third quarter. Gilbert & Cook Inc. now owns 8,684 shares of the semiconductor manufacturer’s stock valued at $1,498,000 after acquiring an additional 7,934 shares during the period. Swiss National Bank boosted its stake in Broadcom by 907.0% in the 3rd quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer’s stock worth $2,264,223,000 after purchasing an additional 11,822,467 shares during the period. Finally, S&CO Inc. raised its stake in Broadcom by 580.0% during the 3rd quarter. S&CO Inc. now owns 1,700 shares of the semiconductor manufacturer’s stock valued at $293,000 after purchasing an additional 1,450 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 50,000 shares of the firm’s 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 approximately $217,594,136.70. This trade represents a 3.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value 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. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald upped their target price on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. UBS Group increased their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Morgan Stanley boosted their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Benchmark reiterated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Finally, The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Two investment 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 MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.79.

Broadcom Stock Down 1.3 %

Shares of NASDAQ AVGO opened at $163.25 on Thursday. 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 company has a market cap of $762.47 billion, a price-to-earnings ratio of 141.96, a price-to-earnings-growth ratio of 1.94 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 firm’s 50-day simple moving average is $173.78 and its 200 day simple moving average is $160.09.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data 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 analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 EPS. On average, research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal 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 paid a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.30%. Broadcom’s dividend payout ratio is presently 184.35%.

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.