Citizens Financial Group Inc. RI Purchases 86,986 Shares of Broadcom Inc. (NASDAQ:AVGO)

Citizens Financial Group Inc. RI increased its position in Broadcom Inc. (NASDAQ:AVGO) by 1,114.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 94,792 shares of the semiconductor manufacturer’s stock after acquiring an additional 86,986 shares during the period. Citizens Financial Group Inc. RI’s holdings in Broadcom were worth $16,352,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Jennison Associates LLC raised its position in Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after acquiring an additional 32,178,542 shares during the period. Swedbank AB raised its holdings in Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after purchasing an additional 16,453,718 shares during the period. Swiss National Bank lifted its position in Broadcom by 907.0% during the third quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer’s stock valued at $2,264,223,000 after purchasing an additional 11,822,467 shares in the last quarter. Van ECK Associates Corp grew its holdings in Broadcom by 917.8% during the third quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer’s stock valued at $2,203,837,000 after purchasing an additional 11,453,554 shares during the period. Finally, Raymond James & Associates increased its position in Broadcom by 855.4% in the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock worth $2,186,292,000 after buying an additional 11,347,563 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % 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 90 days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Up 0.2 %

Shares of NASDAQ AVGO opened at $164.23 on Friday. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The firm has a market capitalization of $767.05 billion, a price-to-earnings ratio of 142.81, a PEG ratio of 1.93 and a beta of 1.17. The stock has a 50 day moving average price of $173.70 and a 200 day moving average price of $160.62. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during 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%. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 EPS. Sell-side analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.29%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on AVGO shares. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. The Goldman Sachs Group raised their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. William Blair assumed coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. Rosenblatt Securities cut their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Finally, Morgan Stanley boosted their price objective on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research 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 stock. According to data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $192.79.

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.