Cutter & CO Brokerage Inc. Acquires 14,908 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cutter & CO Brokerage Inc. grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 899.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,566 shares of the semiconductor manufacturer’s stock after purchasing an additional 14,908 shares during the period. Cutter & CO Brokerage Inc.’s holdings in Broadcom were worth $2,858,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of AVGO. China Universal Asset Management Co. Ltd. lifted its holdings in Broadcom by 56.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 10,823 shares of the semiconductor manufacturer’s stock valued at $14,345,000 after purchasing an additional 3,898 shares during the last quarter. Hardy Reed LLC bought a new position in shares of Broadcom in the first quarter valued at approximately $232,000. Regent Peak Wealth Advisors LLC boosted its holdings in shares of Broadcom by 1.0% in the 1st quarter. Regent Peak Wealth Advisors LLC now owns 1,256 shares of the semiconductor manufacturer’s stock worth $1,665,000 after acquiring an additional 12 shares in the last quarter. Pullen Investment Management LLC acquired a new position in shares of Broadcom in the 1st quarter worth approximately $411,000. Finally, Valley Brook Capital Group Inc. grew its position in Broadcom by 5.5% during the 1st quarter. Valley Brook Capital Group Inc. now owns 1,725 shares of the semiconductor manufacturer’s stock worth $2,286,000 after acquiring an additional 90 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Down 0.5 %

Shares of NASDAQ AVGO opened at $168.92 on Friday. Broadcom Inc. has a 52-week low of $86.00 and a 52-week high of $186.42. 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 stock has a market cap of $788.95 billion, a P/E ratio of 146.76, a P/E/G ratio of 2.84 and a beta of 1.17. The firm has a 50 day moving average price of $168.94 and a 200 day moving average price of $156.03.

Broadcom (NASDAQ:AVGO) last released 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. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 EPS. Analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 184.19%.

Analysts Set New Price Targets

A number of research firms have commented on AVGO. Benchmark reissued a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. UBS Group dropped their target price on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. Oppenheimer decreased their price target on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. Finally, Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $191.54.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This 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 is available at this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. 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 sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by company insiders.

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.