GLOBALT Investments LLC GA Grows Position in Broadcom Inc. (NASDAQ:AVGO)

GLOBALT Investments LLC GA lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 854.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 126,457 shares of the semiconductor manufacturer’s stock after purchasing an additional 113,201 shares during the quarter. Broadcom comprises approximately 0.8% of GLOBALT Investments LLC GA’s investment portfolio, making the stock its 19th biggest position. GLOBALT Investments LLC GA’s holdings in Broadcom were worth $21,814,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Castleview Partners LLC lifted its stake in Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 134 shares in the last quarter. Tsfg LLC lifted its stake in Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after acquiring an additional 204 shares in the last quarter. Krane Funds Advisors LLC acquired a new position in Broadcom during the 3rd quarter worth about $42,000. Highline Wealth Partners LLC acquired a new position in Broadcom during the 3rd quarter worth about $45,000. Finally, AlphaCentric Advisors LLC lifted its stake in Broadcom by 859.3% during the 3rd quarter. AlphaCentric Advisors LLC now owns 259 shares of the semiconductor manufacturer’s stock worth $45,000 after acquiring an additional 232 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AVGO shares. Morgan Stanley increased their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. UBS Group increased their price target on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, November 4th. The Goldman Sachs Group increased their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Benchmark reaffirmed a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. Finally, Cantor Fitzgerald increased their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $192.79.

Broadcom Trading Down 1.3 %

NASDAQ:AVGO opened at $163.25 on Thursday. The stock’s 50 day moving average price is $173.78 and its 200 day moving average price is $160.09. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The company has a market capitalization of $762.47 billion, a PE ratio of 141.96, a P/E/G ratio of 1.94 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the firm earned $0.95 EPS. On average, research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current 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 issued a dividend of $0.53 per share. The ex-dividend date 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 1.30%. Broadcom’s payout ratio is currently 184.35%.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

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.