Buckingham Capital Management Inc. Acquires 103,034 Shares of Broadcom Inc. (NASDAQ:AVGO)

Buckingham Capital Management Inc. grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 815.3% during the third quarter, Holdings Channel reports. The firm owned 115,671 shares of the semiconductor manufacturer’s stock after acquiring an additional 103,034 shares during the quarter. Broadcom comprises about 2.3% of Buckingham Capital Management Inc.’s holdings, making the stock its 11th largest position. Buckingham Capital Management Inc.’s holdings in Broadcom were worth $19,953,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in AVGO. Lion Street Advisors LLC grew its position in shares of Broadcom by 1.9% during the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after buying an additional 6 shares during the period. Optimum Investment Advisors grew its holdings in Broadcom by 0.6% in the second quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock worth $2,262,000 after purchasing an additional 8 shares during the period. Anderson Hoagland & Co. grew its holdings in Broadcom by 0.3% in the second quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer’s stock worth $4,623,000 after purchasing an additional 9 shares during the period. Wealth Group Ltd raised its holdings in shares of Broadcom by 6.0% during the second quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock valued at $283,000 after purchasing an additional 10 shares during the period. Finally, Shira Ridge Wealth Management boosted its position in shares of Broadcom by 6.3% during the 2nd quarter. Shira Ridge Wealth Management now owns 170 shares of the semiconductor manufacturer’s stock worth $273,000 after purchasing an additional 10 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Broadcom stock opened at $170.38 on Friday. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a 50-day moving average price of $171.93 and a 200-day moving average price of $158.86. The firm has a market capitalization of $795.77 billion, a PE ratio of 148.03, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its earnings results 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 business’s revenue was up 47.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 earnings per share. As a group, equities research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.24%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio is currently 184.19%.

Insider Buying and Selling

In other news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now directly owns 1,181,910 shares in the company, valued at $204,399,515.40. This trade represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last three months. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent research reports. Cantor Fitzgerald boosted their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Benchmark restated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Truist Financial raised their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Rosenblatt Securities lowered their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Finally, UBS Group boosted their target price on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $192.79.

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.