Truvestments Capital LLC Buys 44,533 Shares of Broadcom Inc. (NASDAQ:AVGO)

Truvestments Capital LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 939.7% in the third quarter, Holdings Channel.com reports. The fund owned 49,272 shares of the semiconductor manufacturer’s stock after purchasing an additional 44,533 shares during the period. Broadcom makes up approximately 2.3% of Truvestments Capital LLC’s investment portfolio, making the stock its 5th biggest position. Truvestments Capital LLC’s holdings in Broadcom were worth $8,499,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Brown Brothers Harriman & Co. increased its holdings in Broadcom by 1,118.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 60,259 shares of the semiconductor manufacturer’s stock valued at $10,395,000 after purchasing an additional 55,312 shares during the last quarter. Loomis Sayles & Co. L P grew its stake in shares of Broadcom by 918.3% in the third quarter. Loomis Sayles & Co. L P now owns 67,858 shares of the semiconductor manufacturer’s stock valued at $11,705,000 after buying an additional 61,194 shares in the last quarter. Boston Family Office LLC purchased a new stake in shares of Broadcom in the 3rd quarter valued at $233,000. Blue Whale Capital LLP lifted its stake in Broadcom by 1,291.6% during the 3rd quarter. Blue Whale Capital LLP now owns 869,245 shares of the semiconductor manufacturer’s stock worth $149,945,000 after acquiring an additional 806,780 shares in the last quarter. Finally, Bedell Frazier Investment Counselling LLC boosted its holdings in Broadcom by 711.4% during the 3rd quarter. Bedell Frazier Investment Counselling LLC now owns 13,364 shares of the semiconductor manufacturer’s stock valued at $2,305,000 after acquiring an additional 11,717 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In other news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction that occurred 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 sale, 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. Over the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by company insiders.

Broadcom Stock Performance

NASDAQ AVGO opened at $164.74 on Wednesday. The company has a fifty day moving average of $173.76 and a two-hundred day moving average of $161.09. The company has a market capitalization of $769.43 billion, a PE ratio of 143.13, a P/E/G ratio of 1.93 and a beta of 1.17. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last announced its earnings results 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. The firm 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 was up 47.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 EPS. As a group, 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. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. 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%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Mizuho increased their target price on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Morgan Stanley boosted their price target 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. Benchmark reiterated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Finally, JPMorgan Chase & Co. boosted their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $195.96.

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.