ICICI Prudential Asset Management Co Ltd Grows Position in Broadcom Inc. (NASDAQ:AVGO)

ICICI Prudential Asset Management Co Ltd boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,088.5% during the third quarter, HoldingsChannel.com reports. The firm owned 60,497 shares of the semiconductor manufacturer’s stock after acquiring an additional 55,407 shares during the period. Broadcom comprises approximately 1.1% of ICICI Prudential Asset Management Co Ltd’s holdings, making the stock its 17th biggest holding. ICICI Prudential Asset Management Co Ltd’s holdings in Broadcom were worth $10,436,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Kovack Advisors Inc. raised its holdings in shares of Broadcom by 951.6% in the 3rd quarter. Kovack Advisors Inc. now owns 31,810 shares of the semiconductor manufacturer’s stock worth $5,487,000 after purchasing an additional 28,785 shares during the period. Parametrica Management Ltd purchased a new position in Broadcom in the third quarter valued at approximately $1,259,000. Arjuna Capital lifted its position in Broadcom by 778.2% during the third quarter. Arjuna Capital now owns 22,051 shares of the semiconductor manufacturer’s stock valued at $3,804,000 after buying an additional 19,540 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Broadcom by 828.0% in the third quarter. Oppenheimer Asset Management Inc. now owns 317,079 shares of the semiconductor manufacturer’s stock worth $54,696,000 after acquiring an additional 282,911 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its stake in shares of Broadcom by 900.7% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 326,678 shares of the semiconductor manufacturer’s stock valued at $56,352,000 after acquiring an additional 294,032 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the transaction, the insider now owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 in the last ninety days. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $164.84 on Friday. The company has a market cap of $769.90 billion, a P/E ratio of 143.34, a PEG ratio of 2.04 and a beta of 1.17. The business has a 50 day moving average of $172.84 and a two-hundred day moving average of $159.35. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. 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 released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the previous year, the firm posted $0.95 EPS. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.29%. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on AVGO shares. William Blair began coverage on Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. Benchmark reiterated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” 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 note on Tuesday, July 23rd. Finally, UBS Group upped their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $192.79.

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.