Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 908.1% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 11,374,079 shares of the semiconductor manufacturer’s stock after acquiring an additional 10,245,786 shares during the quarter. Broadcom accounts for about 1.4% of Sumitomo Mitsui Trust Group Inc.’s portfolio, making the stock its 9th biggest holding. Sumitomo Mitsui Trust Group Inc.’s holdings in Broadcom were worth $1,962,029,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Broadcom by 1,779.2% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 240,299 shares of the semiconductor manufacturer’s stock valued at $41,651,000 after purchasing an additional 227,512 shares during the period. Apollon Financial LLC lifted its stake in Broadcom by 918.0% in the 3rd quarter. Apollon Financial LLC now owns 18,589 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after buying an additional 16,763 shares in the last quarter. WealthPlan Investment Management LLC acquired a new stake in Broadcom in the 3rd quarter worth about $2,810,000. Patron Partners LLC increased its stake in Broadcom by 888.8% during the 3rd quarter. Patron Partners LLC now owns 12,152 shares of the semiconductor manufacturer’s stock worth $2,096,000 after buying an additional 10,923 shares in the last quarter. Finally, WealthPLAN Partners LLC raised its holdings in shares of Broadcom by 271.7% during the third quarter. WealthPLAN Partners LLC now owns 5,022 shares of the semiconductor manufacturer’s stock valued at $866,000 after acquiring an additional 3,671 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $164.84 on Friday. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm’s 50 day moving average price is $172.29 and its 200-day moving average price is $159.14. The firm has a market cap of $769.90 billion, a P/E ratio of 143.34, a P/E/G ratio of 2.04 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during 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 company’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the business posted $0.95 earnings per share. As a group, equities research analysts predict 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 given a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is currently 184.35%.

Insider Transactions at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares in the company, valued at $6,064,917.50. The trade was a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on the company. Rosenblatt Securities dropped 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. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Benchmark restated a “buy” rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. Mizuho increased their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, 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 report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.