Hazlett Burt & Watson Inc. Acquires 9,517 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hazlett Burt & Watson Inc. grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,044.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,428 shares of the semiconductor manufacturer’s stock after buying an additional 9,517 shares during the period. Broadcom accounts for approximately 0.8% of Hazlett Burt & Watson Inc.’s holdings, making the stock its 27th biggest position. Hazlett Burt & Watson Inc.’s holdings in Broadcom were worth $1,799,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Nvwm LLC boosted its stake in Broadcom by 17.1% in the 1st quarter. Nvwm LLC now owns 1,556 shares of the semiconductor manufacturer’s stock worth $2,070,000 after purchasing an additional 227 shares in the last quarter. Zevenbergen Capital Investments LLC boosted its stake in Broadcom by 5.7% in the 1st quarter. Zevenbergen Capital Investments LLC now owns 31,700 shares of the semiconductor manufacturer’s stock worth $42,015,000 after purchasing an additional 1,700 shares in the last quarter. Mitsubishi UFJ Asset Management UK Ltd. bought a new position in Broadcom in the 1st quarter worth about $2,121,000. Illinois Municipal Retirement Fund boosted its stake in Broadcom by 26.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 26,844 shares of the semiconductor manufacturer’s stock worth $35,579,000 after purchasing an additional 5,584 shares in the last quarter. Finally, Forsta AP Fonden raised its position in Broadcom by 7.9% in the 1st quarter. Forsta AP Fonden now owns 121,964 shares of the semiconductor manufacturer’s stock worth $161,652,000 after buying an additional 8,900 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 2.4 %

Shares of NASDAQ:AVGO opened at $183.81 on Friday. The stock has a 50 day moving average of $169.80 and a 200 day moving average of $156.94. The company has a market cap of $858.50 billion, a PE ratio of 159.70, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12-month low of $89.90 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the prior year, the company posted $0.95 EPS. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, equities research analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.15%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 184.19%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AVGO. Mizuho boosted their target price on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Benchmark reissued a “buy” rating and issued a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Finally, Rosenblatt Securities decreased their target price 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 research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $192.79.

Insiders Place Their Bets

In other Broadcom news, 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 value of $2,893,968.00. Following the completion of the transaction, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the transaction, the insider now owns 737,330 shares of the company’s stock, valued at $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. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last three months. 2.00% of the stock is owned by company insiders.

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.