Mitchell Mcleod Pugh & Williams Inc. Boosts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Mitchell Mcleod Pugh & Williams Inc. increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 884.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,516 shares of the semiconductor manufacturer’s stock after buying an additional 27,417 shares during the period. Broadcom accounts for 1.1% of Mitchell Mcleod Pugh & Williams Inc.’s holdings, making the stock its 18th biggest position. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Broadcom were worth $5,264,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Castleview Partners LLC grew its stake in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 134 shares during the period. Delta Asset Management LLC TN lifted its holdings in Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares in the last quarter. Tsfg LLC grew its position in shares of Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 204 shares during the period. Krane Funds Advisors LLC purchased a new stake in shares of Broadcom during the third quarter worth about $42,000. Finally, Highline Wealth Partners LLC acquired a new position in shares of Broadcom during the 3rd quarter worth about $45,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Down 1.5 %

Shares of NASDAQ:AVGO opened at $173.58 on Thursday. The company has a market cap of $810.72 billion, a PE ratio of 150.81, a P/E/G ratio of 2.07 and a beta of 1.17. The company’s 50 day moving average is $171.55 and its two-hundred day moving average is $158.53. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 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 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the firm earned $0.95 earnings per share. Equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

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

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 approximately $217,594,136.70. 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 can be accessed through this link. In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. 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 this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated 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 directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was 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 valued at $53,540,590 over the last three months. 2.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

AVGO has been the topic of several recent research reports. Morgan Stanley lifted their target price 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 raised their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Rosenblatt Securities lowered their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Mizuho lifted their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. increased their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two 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.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $192.79.

Broadcom 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.