Broadcom Inc. (NASDAQ:AVGO) is Sentry Investment Management LLC’s 9th Largest Position

Sentry Investment Management LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 795.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,947 shares of the semiconductor manufacturer’s stock after purchasing an additional 16,831 shares during the quarter. Broadcom accounts for 1.4% of Sentry Investment Management LLC’s portfolio, making the stock its 9th largest position. Sentry Investment Management LLC’s holdings in Broadcom were worth $3,268,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Nvwm LLC raised its position in Broadcom by 17.1% during the 1st quarter. Nvwm LLC now owns 1,556 shares of the semiconductor manufacturer’s stock worth $2,070,000 after buying an additional 227 shares during the last quarter. Zevenbergen Capital Investments LLC raised its holdings in shares of Broadcom by 5.7% during the first 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 during the last quarter. Mitsubishi UFJ Asset Management UK Ltd. acquired a new position in Broadcom during the first quarter valued at $2,121,000. Illinois Municipal Retirement Fund boosted its holdings in Broadcom by 26.3% in the first quarter. Illinois Municipal Retirement Fund now owns 26,844 shares of the semiconductor manufacturer’s stock valued at $35,579,000 after purchasing an additional 5,584 shares during the last quarter. Finally, Forsta AP Fonden grew its position in Broadcom by 7.9% during the 1st quarter. Forsta AP Fonden now owns 121,964 shares of the semiconductor manufacturer’s stock worth $161,652,000 after purchasing an additional 8,900 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Price Performance

AVGO stock opened at $183.81 on Friday. Broadcom Inc. has a 1 year low of $89.90 and a 1 year high of $186.42. The firm has a market capitalization 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 debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The business has a 50 day simple moving average of $169.80 and a 200-day simple moving average of $156.94.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 last year, the company earned $0.95 EPS. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. Equities research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared 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. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.15%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Insider Activity at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was 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 owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares in the company, valued at approximately $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. Over the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AVGO. Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Oppenheimer decreased their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Mizuho raised their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Finally, Truist Financial upped their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

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.