Optas LLC Acquires 27,136 Shares of Broadcom Inc. (NASDAQ:AVGO)

Optas LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 918.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 30,090 shares of the semiconductor manufacturer’s stock after acquiring an additional 27,136 shares during the quarter. Broadcom accounts for approximately 1.2% of Optas LLC’s investment portfolio, making the stock its 18th biggest holding. Optas LLC’s holdings in Broadcom were worth $5,191,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AVGO. Clear Creek Financial Management LLC increased its stake in shares of Broadcom by 947.3% during the 3rd quarter. Clear Creek Financial Management LLC now owns 6,860 shares of the semiconductor manufacturer’s stock worth $1,183,000 after purchasing an additional 6,205 shares during the last quarter. Princeton Global Asset Management LLC increased its position in Broadcom by 934.0% in the third quarter. Princeton Global Asset Management LLC now owns 161,248 shares of the semiconductor manufacturer’s stock worth $27,815,000 after buying an additional 145,654 shares during the last quarter. Argonautica Private Wealth Management Inc. raised its stake in shares of Broadcom by 903.6% in the third quarter. Argonautica Private Wealth Management Inc. now owns 43,325 shares of the semiconductor manufacturer’s stock valued at $7,473,000 after buying an additional 39,008 shares during the period. Lmcg Investments LLC lifted its position in shares of Broadcom by 897.8% during the 3rd quarter. Lmcg Investments LLC now owns 44,071 shares of the semiconductor manufacturer’s stock valued at $7,602,000 after buying an additional 39,654 shares during the last quarter. Finally, Sollinda Capital Management LLC purchased a new position in shares of Broadcom during the 3rd quarter valued at $207,000. 76.43% of the stock is currently owned by institutional investors.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were 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 approximately $204,399,515.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last ninety days. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent research reports. Truist Financial upped their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Mizuho lifted their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. increased their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Rosenblatt Securities reduced their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Stock Up 3.2 %

Shares of AVGO opened at $173.90 on Wednesday. The firm has a market cap of $812.21 billion, a P/E ratio of 151.09, a P/E/G ratio of 1.99 and a beta of 1.17. Broadcom Inc. has a 1 year low of $87.12 and a 1 year high of $186.42. The stock has a 50 day simple moving average of $169.37 and a two-hundred day simple moving average of $156.58. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The company 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 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. On average, analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 184.19%.

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.