Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Hardy Reed LLC

Hardy Reed LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 886.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 11,389 shares of the semiconductor manufacturer’s stock after acquiring an additional 10,234 shares during the quarter. Hardy Reed LLC’s holdings in Broadcom were worth $1,965,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Castleview Partners LLC lifted its position in Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 134 shares in the last quarter. Tsfg LLC raised its stake in shares of Broadcom by 1,073.7% during 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. Cedar Wealth Management LLC raised its stake in shares of Broadcom by 900.0% during the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock valued at $41,000 after purchasing an additional 216 shares during the period. Krane Funds Advisors LLC purchased a new stake in shares of Broadcom during the third quarter valued at approximately $42,000. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Broadcom during the third quarter valued at approximately $45,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of AVGO opened at $159.67 on Thursday. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company has a market cap of $745.75 billion, a price-to-earnings ratio of 138.72, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm has a fifty day moving average of $173.72 and a 200-day moving average of $161.28.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate 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 previous year, the company posted $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, equities analysts anticipate 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 is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.33%. Broadcom’s payout ratio is 184.19%.

Analyst Ratings Changes

AVGO has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. 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 lifted their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Rosenblatt Securities dropped their price target on shares of 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, JPMorgan Chase & Co. lifted their price target 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 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $195.96.

Insider Activity

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was 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 in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 753,280 shares in the company, 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. Over the last quarter, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by company insiders.

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.