Pinnacle Associates Ltd. Acquires 15,202 Shares of Broadcom Inc. (NASDAQ:AVGO)

Pinnacle Associates Ltd. raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 27.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 71,431 shares of the semiconductor manufacturer’s stock after purchasing an additional 15,202 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Broadcom were worth $12,322,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in AVGO. First Trust Direct Indexing L.P. raised its stake in Broadcom by 1,003.1% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 138,686 shares of the semiconductor manufacturer’s stock valued at $23,923,000 after buying an additional 126,114 shares during the last quarter. WASHINGTON TRUST Co increased its position in Broadcom by 852.7% during the third quarter. WASHINGTON TRUST Co now owns 434,702 shares of the semiconductor manufacturer’s stock valued at $74,986,000 after acquiring an additional 389,072 shares during the last quarter. Echo45 Advisors LLC increased its position in Broadcom by 826.6% during the third quarter. Echo45 Advisors LLC now owns 2,437 shares of the semiconductor manufacturer’s stock valued at $417,000 after acquiring an additional 2,174 shares during the last quarter. Capstone Triton Financial Group LLC lifted its holdings in Broadcom by 904.5% in the third quarter. Capstone Triton Financial Group LLC now owns 5,786 shares of the semiconductor manufacturer’s stock valued at $998,000 after acquiring an additional 5,210 shares during the period. Finally, Cove Private Wealth LLC boosted its position in Broadcom by 900.0% in the third quarter. Cove Private Wealth LLC now owns 23,500 shares of the semiconductor manufacturer’s stock worth $4,054,000 after purchasing an additional 21,150 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In related news, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This trade 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 through this hyperlink. In other news, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the sale, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Cantor Fitzgerald lifted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Benchmark restated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Rosenblatt Securities lowered their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Finally, Morgan Stanley boosted their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $191.54.

Broadcom Trading Down 0.5 %

Shares of AVGO opened at $168.92 on Friday. The stock has a market capitalization of $786.30 billion, a PE ratio of 146.89, a P/E/G ratio of 2.84 and a beta of 1.17. The company’s fifty day moving average is $168.94 and its 200 day moving average is $156.03. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a fifty-two week low of $86.00 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for 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 business’s revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 EPS. Sell-side analysts expect 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 1.26%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

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.