Los Angeles Capital Management LLC Increases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Los Angeles Capital Management LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 608.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,217,987 shares of the semiconductor manufacturer’s stock after buying an additional 1,904,744 shares during the quarter. Broadcom makes up 1.5% of Los Angeles Capital Management LLC’s holdings, making the stock its 9th biggest position. Los Angeles Capital Management LLC’s holdings in Broadcom were worth $382,603,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC increased its position in Broadcom by 11.8% during the first quarter. Brighton Jones LLC now owns 2,347 shares of the semiconductor manufacturer’s stock worth $3,111,000 after buying an additional 247 shares during the last quarter. Forum Financial Management LP increased its holdings in shares of Broadcom by 0.8% during the 1st quarter. Forum Financial Management LP now owns 3,046 shares of the semiconductor manufacturer’s stock worth $4,037,000 after acquiring an additional 24 shares during the last quarter. GM Advisory Group LLC increased its holdings in shares of Broadcom by 7.2% during the 1st quarter. GM Advisory Group LLC now owns 4,068 shares of the semiconductor manufacturer’s stock worth $5,392,000 after acquiring an additional 273 shares during the last quarter. Wintrust Investments LLC raised its stake in Broadcom by 2.4% in the 1st quarter. Wintrust Investments LLC now owns 6,467 shares of the semiconductor manufacturer’s stock valued at $8,571,000 after acquiring an additional 154 shares during the period. Finally, Banco Santander S.A. lifted its holdings in Broadcom by 10.8% during the 1st quarter. Banco Santander S.A. now owns 23,278 shares of the semiconductor manufacturer’s stock valued at $30,853,000 after purchasing an additional 2,278 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on AVGO. Benchmark reiterated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Truist Financial increased their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. William Blair assumed coverage on Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Finally, Cantor Fitzgerald lifted their price target on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Two investment 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 stock. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $192.79.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the firm’s 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 sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated 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 sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 value of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at approximately $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. Over the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of AVGO stock opened at $173.58 on Thursday. The business has a fifty day simple moving average of $171.55 and a 200 day simple moving average of $158.53. The company has a market cap of $810.72 billion, a P/E ratio of 150.81, a P/E/G ratio of 2.07 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 Inc. has a twelve month low of $90.31 and a twelve month high of $186.42.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 earnings per share. On average, sell-side analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced 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. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 184.19%.

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.