Meitav Investment House Ltd. Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Meitav Investment House Ltd. lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,071.2% in the third quarter, Holdings Channel reports. The firm owned 317,004 shares of the semiconductor manufacturer’s stock after buying an additional 289,938 shares during the period. Meitav Investment House Ltd.’s holdings in Broadcom were worth $54,425,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Lion Street Advisors LLC boosted its holdings in Broadcom by 1.9% in the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock valued at $520,000 after purchasing an additional 6 shares in the last quarter. O Dell Group LLC grew its holdings in Broadcom by 2.3% during the first quarter. O Dell Group LLC now owns 356 shares of the semiconductor manufacturer’s stock worth $472,000 after acquiring an additional 8 shares during the period. Hudson Value Partners LLC lifted its holdings in Broadcom by 2.7% in the first quarter. Hudson Value Partners LLC now owns 308 shares of the semiconductor manufacturer’s stock valued at $408,000 after acquiring an additional 8 shares during the period. Renasant Bank boosted its position in shares of Broadcom by 1.0% during the 1st quarter. Renasant Bank now owns 785 shares of the semiconductor manufacturer’s stock worth $1,040,000 after purchasing an additional 8 shares in the last quarter. Finally, Optimum Investment Advisors increased its holdings in shares of Broadcom by 0.6% in the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock valued at $2,262,000 after purchasing an additional 8 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Down 0.5 %

Shares of AVGO stock opened at $168.92 on Monday. The firm’s 50-day simple moving average is $168.94 and its 200-day simple moving average is $156.03. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 1-year low of $86.00 and a 1-year high of $186.42. The firm has a market cap of $788.95 billion, a P/E ratio of 146.76, a PEG ratio of 2.73 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly 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. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the firm posted $0.95 earnings per share. Broadcom’s revenue was up 47.3% on a year-over-year basis. As a group, equities analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 184.19%.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was 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 owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Hock E. Tan sold 50,000 shares of the 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 sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $4,240,404.00. Following the completion of the transaction, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last three months. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AVGO. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. William Blair began coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Cantor Fitzgerald raised 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. Mizuho boosted their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Finally, Oppenheimer dropped their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Two research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $191.54.

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.