Broadcom Inc. (NASDAQ:AVGO) is FCG Investment Co’s 7th Largest Position

FCG Investment Co lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 816.1% during the third quarter, Holdings Channel.com reports. The fund owned 22,902 shares of the semiconductor manufacturer’s stock after acquiring an additional 20,402 shares during the period. Broadcom accounts for approximately 2.6% of FCG Investment Co’s holdings, making the stock its 7th biggest holding. FCG Investment Co’s holdings in Broadcom were worth $3,951,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Tempus Wealth Planning LLC acquired a new stake in shares of Broadcom during the first quarter worth $203,000. Park Edge Advisors LLC lifted its position in Broadcom by 28.2% during the 1st quarter. Park Edge Advisors LLC now owns 842 shares of the semiconductor manufacturer’s stock worth $1,116,000 after acquiring an additional 185 shares during the period. American National Bank & Trust Co. VA purchased a new stake in Broadcom during the 1st quarter valued at about $5,055,000. Marshall Financial Group LLC increased its holdings in shares of Broadcom by 2.2% in the first quarter. Marshall Financial Group LLC now owns 2,695 shares of the semiconductor manufacturer’s stock valued at $3,572,000 after purchasing an additional 58 shares during the period. Finally, Whelan Financial raised its stake in shares of Broadcom by 29.7% in the first quarter. Whelan Financial now owns 262 shares of the semiconductor manufacturer’s stock worth $347,000 after purchasing an additional 60 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent research reports. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Oppenheimer cut their price objective 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. Cantor Fitzgerald upped their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. The Goldman Sachs Group lifted their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Morgan Stanley upped their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $191.54.

Broadcom Price Performance

Shares of AVGO opened at $176.64 on Thursday. The company has a market cap of $822.24 billion, a P/E ratio of 153.60, a PEG ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $83.26 and a fifty-two week high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm’s 50 day moving average price is $168.74 and its 200 day moving average price is $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. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 earnings per share. On average, research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

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

Insider Transactions at Broadcom

In related 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 value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. 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 is available through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

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.