Forbes J M & Co. LLP Grows Stake in Broadcom Inc. (NASDAQ:AVGO)

Forbes J M & Co. LLP grew its position in Broadcom Inc. (NASDAQ:AVGO) by 889.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 113,500 shares of the semiconductor manufacturer’s stock after acquiring an additional 102,025 shares during the quarter. Broadcom accounts for 1.9% of Forbes J M & Co. LLP’s portfolio, making the stock its 11th biggest holding. Forbes J M & Co. LLP’s holdings in Broadcom were worth $19,579,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in AVGO. Delta Asset Management LLC TN increased its holdings in shares of Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 17 shares during the period. Clear Point Advisors Inc. boosted its position in Broadcom by 310.0% during the first quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer’s stock worth $54,000 after purchasing an additional 31 shares in the last quarter. Ruedi Wealth Management Inc. lifted its stake in Broadcom by 104.0% in the 1st quarter. Ruedi Wealth Management Inc. now owns 51 shares of the semiconductor manufacturer’s stock valued at $68,000 after buying an additional 26 shares in the last quarter. Indiana Trust & Investment Management CO raised its holdings in shares of Broadcom by 39.5% during the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock valued at $85,000 after acquiring an additional 15 shares during the last quarter. Finally, Creekmur Asset Management LLC raised its stake in Broadcom by 89.7% in the 1st quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock valued at $98,000 after purchasing an additional 35 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

NASDAQ AVGO opened at $169.77 on Friday. The business has a 50 day moving average price of $168.89 and a 200 day moving average price of $155.80. 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 company has a market capitalization of $790.26 billion, a P/E ratio of 147.63, a PEG ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a 1-year low of $83.26 and a 1-year high of $186.42.

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

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.25%. Broadcom’s payout ratio is presently 184.35%.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the sale, the insider now owns 380,560 shares in the company, valued at approximately $69,596,812.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. This trade represents a 0.00 % decrease in their position. 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.

Analyst Ratings Changes

AVGO has been the topic of a number of analyst reports. William Blair started coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Mizuho upped their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. TD Cowen raised Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, Benchmark restated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $191.54.

About Broadcom

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.