Greenspring Advisors LLC Acquires New Holdings in Broadcom Inc. (NASDAQ:AVGO)

Greenspring Advisors LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,075 shares of the semiconductor manufacturer’s stock, valued at approximately $703,000.

Other hedge funds also recently bought and sold shares of the company. Swedbank AB boosted its holdings in shares of 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 buying an additional 16,453,718 shares in the last quarter. Raymond James & Associates lifted its position in Broadcom by 855.4% during 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 acquiring an additional 11,347,563 shares during the last quarter. International Assets Investment Management LLC boosted its stake in 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 acquiring an additional 8,242,455 shares in the last quarter. Pathway Financial Advisers LLC grew its holdings in 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 worth $1,256,657,000 after purchasing an additional 7,280,304 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Broadcom by 958.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,267,031 shares of the semiconductor manufacturer’s stock worth $564,183,000 after purchasing an additional 2,958,257 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AVGO. Cantor Fitzgerald raised their price target on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. William Blair began coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating for the company. Truist Financial upped their target price on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Mizuho lifted their price target on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Finally, UBS Group cut their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a report on Monday, September 9th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $191.54.

Broadcom Trading Down 1.5 %

Shares of AVGO stock opened at $176.64 on Thursday. Broadcom Inc. has a 1-year low of $83.26 and a 1-year high of $186.42. The company has a market cap of $822.24 billion, a price-to-earnings ratio of 153.60, a PEG ratio of 2.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a 50 day simple moving average of $168.74 and a 200-day simple moving average of $155.58.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping 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 company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the prior year, the business posted $0.95 earnings per share. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, equities research analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.20%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is presently 184.35%.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 150,000 shares of the firm’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 completion of the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This represents a 0.00 % decrease in their ownership of the stock. 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. Insiders own 2.00% of the company’s stock.

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.