Bancreek Capital Management LP Boosts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Bancreek Capital Management LP boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 1,294.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,624 shares of the semiconductor manufacturer’s stock after acquiring an additional 47,922 shares during the quarter. Broadcom accounts for 5.6% of Bancreek Capital Management LP’s portfolio, making the stock its 8th largest position. Bancreek Capital Management LP’s holdings in Broadcom were worth $8,905,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Paulson Wealth Management Inc. lifted its position in Broadcom by 910.3% during the 3rd quarter. Paulson Wealth Management Inc. now owns 8,234 shares of the semiconductor manufacturer’s stock worth $1,420,000 after buying an additional 7,419 shares in the last quarter. RPG Investment Advisory LLC lifted its position in Broadcom by 940.0% during the 3rd quarter. RPG Investment Advisory LLC now owns 1,560 shares of the semiconductor manufacturer’s stock worth $269,000 after buying an additional 1,410 shares in the last quarter. Richardson Capital Management LLC lifted its position in Broadcom by 900.0% during the 3rd quarter. Richardson Capital Management LLC now owns 530 shares of the semiconductor manufacturer’s stock worth $91,000 after buying an additional 477 shares in the last quarter. Victory Capital Management Inc. lifted its position in Broadcom by 851.3% during the 3rd quarter. Victory Capital Management Inc. now owns 5,147,443 shares of the semiconductor manufacturer’s stock worth $887,934,000 after buying an additional 4,606,341 shares in the last quarter. Finally, Commonwealth Retirement Investments LLC lifted its position in Broadcom by 887.3% during the 3rd quarter. Commonwealth Retirement Investments LLC now owns 94,045 shares of the semiconductor manufacturer’s stock worth $16,223,000 after buying an additional 84,520 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on AVGO shares. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. William Blair assumed coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Truist Financial boosted their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $164.84 on Friday. The company’s 50 day moving average price is $172.29 and its two-hundred day moving average price is $159.14. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The firm has a market cap of $769.90 billion, a PE ratio of 143.34, a PEG ratio of 2.04 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 (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 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 during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the firm posted $0.95 EPS. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. Equities research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 184.35%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. This represents a 11.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred on 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 transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company’s stock.

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.