Manchester Financial Inc. Purchases 2,703 Shares of Broadcom Inc. (NASDAQ:AVGO)

Manchester Financial Inc. raised its position in Broadcom Inc. (NASDAQ:AVGO) by 636.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,128 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,703 shares during the quarter. Manchester Financial Inc.’s holdings in Broadcom were worth $540,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Swedbank AB lifted its stake in Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares during the last quarter. Raymond James & Associates raised its stake in Broadcom by 855.4% in the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock valued at $2,186,292,000 after buying an additional 11,347,563 shares during the period. International Assets Investment Management LLC lifted its position in shares of Broadcom by 226,130.5% in the third quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer’s stock valued at $14,224,520,000 after buying an additional 8,242,455 shares during the last quarter. Pathway Financial Advisers LLC lifted its position in shares of Broadcom by 156,028.8% in the third quarter. Pathway Financial Advisers LLC now owns 7,284,970 shares of the semiconductor manufacturer’s stock valued at $1,256,657,000 after buying an additional 7,280,304 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Broadcom by 958.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,267,031 shares of the semiconductor manufacturer’s stock worth $564,183,000 after acquiring an additional 2,958,257 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Activity

In related news, 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 value of $3,591,588.00. Following the completion of the transaction, the insider now owns 399,460 shares of the company’s stock, valued at $70,744,366. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $177.10, for a total value 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, 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 Performance

NASDAQ AVGO opened at $179.24 on Wednesday. The firm’s 50 day simple moving average is $168.53 and its 200 day simple moving average is $155.27. The firm has a market capitalization of $834.34 billion, a price-to-earnings ratio of 155.86, a P/E/G ratio of 2.99 and a beta of 1.17. 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 Inc. has a 1 year low of $82.72 and a 1 year high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its 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 return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the business posted $0.95 EPS. The company’s revenue was up 47.3% compared to the same quarter last year. As a group, 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. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.18%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 184.35%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on AVGO shares. Rosenblatt Securities dropped their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Oppenheimer cut their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Finally, UBS Group reduced their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a report on Monday, September 9th. 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 company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $191.54.

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.