Corbyn Investment Management Inc. MD Purchases 1,539 Shares of Broadcom Inc. (NASDAQ:AVGO)

Corbyn Investment Management Inc. MD lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,710 shares of the semiconductor manufacturer’s stock after buying an additional 1,539 shares during the quarter. Corbyn Investment Management Inc. MD’s holdings in Broadcom were worth $295,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AVGO. Lion Street Advisors LLC raised its stake in shares of Broadcom by 1.9% in the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock valued at $520,000 after acquiring an additional 6 shares during the period. Optimum Investment Advisors raised its stake in shares of Broadcom by 0.6% in the second quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock valued at $2,262,000 after acquiring an additional 8 shares during the period. Anderson Hoagland & Co. raised its stake in shares of Broadcom by 0.3% in the second quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer’s stock valued at $4,623,000 after acquiring an additional 9 shares during the period. Wealth Group Ltd raised its stake in shares of Broadcom by 6.0% in the second quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock valued at $283,000 after acquiring an additional 10 shares during the period. Finally, Canandaigua National Bank & Trust Co. raised its stake in shares of Broadcom by 1.4% in the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer’s stock valued at $1,161,000 after acquiring an additional 10 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In related news, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. This trade represents a 11.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares of the company’s stock, valued at $70,744,366. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Down 1.3 %

NASDAQ:AVGO opened at $163.25 on Thursday. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The stock has a market capitalization of $762.47 billion, a P/E ratio of 141.96, a P/E/G ratio of 1.94 and a beta of 1.17. 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 company’s 50-day simple moving average is $173.78 and its 200-day simple moving average is $160.09.

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

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Benchmark reissued a “buy” rating and issued a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Rosenblatt Securities cut their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Truist Financial upped their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Finally, Morgan Stanley upped their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two equities research 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $192.79.

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.