Pinnacle Associates Ltd. Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Pinnacle Associates Ltd. grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 27.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,431 shares of the semiconductor manufacturer’s stock after purchasing an additional 15,202 shares during the period. Pinnacle Associates Ltd.’s holdings in Broadcom were worth $12,322,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in AVGO. China Universal Asset Management Co. Ltd. lifted its position in Broadcom by 56.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 10,823 shares of the semiconductor manufacturer’s stock valued at $14,345,000 after purchasing an additional 3,898 shares during the last quarter. Hardy Reed LLC purchased a new stake in shares of Broadcom during the 1st quarter valued at $232,000. Pittenger & Anderson Inc. lifted its holdings in shares of Broadcom by 31.2% during the 1st quarter. Pittenger & Anderson Inc. now owns 7,065 shares of the semiconductor manufacturer’s stock worth $9,364,000 after acquiring an additional 1,680 shares during the last quarter. Haverford Trust Co grew its position in Broadcom by 7.8% in the first quarter. Haverford Trust Co now owns 1,975 shares of the semiconductor manufacturer’s stock worth $2,618,000 after acquiring an additional 143 shares in the last quarter. Finally, Graypoint LLC increased its stake in Broadcom by 1.8% in the first quarter. Graypoint LLC now owns 7,276 shares of the semiconductor manufacturer’s stock valued at $9,643,000 after acquiring an additional 126 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were 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 directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares in the company, valued at approximately $6,064,917.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. UBS Group cut their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a report on Monday, September 9th. Benchmark reaffirmed a “buy” rating and issued a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Morgan Stanley lifted their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Truist Financial upped 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. Finally, Mizuho boosted their price target on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Two 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, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $191.54.

Broadcom Stock Performance

Broadcom stock opened at $168.92 on Friday. Broadcom Inc. has a fifty-two week low of $86.00 and a fifty-two week high of $186.42. The stock’s 50 day simple moving average is $168.94 and its two-hundred day simple moving average is $156.03. 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 stock has a market cap of $786.30 billion, a price-to-earnings ratio of 146.89, a PEG ratio of 2.84 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion for 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 firm’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 earnings per share. As a group, analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm 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 represents a $2.12 annualized dividend and a yield of 1.26%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 184.35%.

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.