Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Spinnaker Investment Group LLC

Spinnaker Investment Group LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 900.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,900 shares of the semiconductor manufacturer’s stock after purchasing an additional 17,911 shares during the quarter. Broadcom makes up 0.8% of Spinnaker Investment Group LLC’s portfolio, making the stock its 14th biggest holding. Spinnaker Investment Group LLC’s holdings in Broadcom were worth $3,433,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Clear Point Advisors Inc. increased its stake in shares of Broadcom by 310.0% during the 1st quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer’s stock valued at $54,000 after acquiring an additional 31 shares during the last quarter. Indiana Trust & Investment Management CO increased its position in Broadcom by 39.5% during the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock worth $85,000 after purchasing an additional 15 shares during the last quarter. Creekmur Asset Management LLC increased its position in Broadcom by 89.7% during the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock worth $98,000 after purchasing an additional 35 shares during the last quarter. Kiely Wealth Advisory Group Inc. purchased a new position in Broadcom during the second quarter worth approximately $128,000. Finally, Mark Sheptoff Financial Planning LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at $136,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

AVGO opened at $165.35 on Wednesday. The company has a market capitalization of $772.28 billion, a P/E ratio of 143.78, a PEG ratio of 1.94 and a beta of 1.17. The company has a 50-day moving average of $173.68 and a 200-day moving average of $159.82. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating 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 firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the company earned $0.95 earnings per share. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. Equities analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.28%. Broadcom’s dividend payout ratio (DPR) is 184.35%.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 150,000 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at $204,399,515.40. This represents a 11.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. The trade was a 2.12 % 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 worth $53,540,590 over the last 90 days. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the topic of several research reports. TD Cowen raised Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Morgan Stanley raised their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Mizuho boosted their target price on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.