Broadcom Inc. (NASDAQ:AVGO) Stock Position Lifted by Meritage Portfolio Management

Meritage Portfolio Management increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 808.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 273,439 shares of the semiconductor manufacturer’s stock after acquiring an additional 243,324 shares during the quarter. Broadcom comprises 2.9% of Meritage Portfolio Management’s holdings, making the stock its 4th biggest position. Meritage Portfolio Management’s holdings in Broadcom were worth $47,168,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Crossmark Global Holdings Inc. raised its stake in Broadcom by 1,286.2% in the third quarter. Crossmark Global Holdings Inc. now owns 456,638 shares of the semiconductor manufacturer’s stock valued at $78,770,000 after buying an additional 423,696 shares during the last quarter. Tyler Stone Wealth Management raised its position in shares of Broadcom by 2,706.5% in the 3rd quarter. Tyler Stone Wealth Management now owns 2,161 shares of the semiconductor manufacturer’s stock valued at $373,000 after purchasing an additional 2,084 shares during the last quarter. Baker Avenue Asset Management LP grew its position in Broadcom by 314.2% during the 3rd quarter. Baker Avenue Asset Management LP now owns 17,687 shares of the semiconductor manufacturer’s stock worth $3,051,000 after purchasing an additional 13,417 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Broadcom by 829.3% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 25,370 shares of the semiconductor manufacturer’s stock worth $4,376,000 after buying an additional 22,640 shares during the period. Finally, Truxt Investmentos Ltda. grew its holdings in shares of Broadcom by 233.9% during the third quarter. Truxt Investmentos Ltda. now owns 11,600 shares of the semiconductor manufacturer’s stock valued at $2,001,000 after buying an additional 8,126 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Broadcom stock opened at $173.58 on Thursday. The company has a fifty day simple moving average of $171.55 and a 200-day simple moving average of $158.53. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $810.72 billion, a price-to-earnings ratio of 150.81, a PEG ratio of 2.07 and a beta of 1.17. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.95 EPS. On average, equities analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders 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 dividend on an annualized basis and a yield of 1.22%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 184.19%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Truist Financial boosted their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. UBS Group increased their price target on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. William Blair started coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating for the company. Rosenblatt Securities dropped their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Finally, Morgan Stanley raised their target price on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” 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 given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $192.79.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The shares were 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 owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 in the last three months. 2.00% of the stock is owned by corporate insiders.

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.