Pinnacle Financial Partners Inc lifted its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 1,049.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,764 shares of the semiconductor manufacturer’s stock after purchasing an additional 17,131 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Broadcom were worth $3,237,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hillsdale Investment Management Inc. raised its stake in shares of Broadcom by 35.5% in the first quarter. Hillsdale Investment Management Inc. now owns 420 shares of the semiconductor manufacturer’s stock valued at $557,000 after acquiring an additional 110 shares during the period. Alley Investment Management Company LLC purchased a new stake in Broadcom in the 1st quarter worth about $272,000. Resurgent Financial Advisors LLC lifted its stake in Broadcom by 14.2% in the first quarter. Resurgent Financial Advisors LLC now owns 514 shares of the semiconductor manufacturer’s stock worth $681,000 after purchasing an additional 64 shares during the last quarter. Trustmark National Bank Trust Department boosted its position in shares of Broadcom by 3.4% during the first quarter. Trustmark National Bank Trust Department now owns 3,188 shares of the semiconductor manufacturer’s stock valued at $4,225,000 after buying an additional 104 shares during the period. Finally, PAX Financial Group LLC grew its stake in shares of Broadcom by 16.8% during the first quarter. PAX Financial Group LLC now owns 230 shares of the semiconductor manufacturer’s stock valued at $305,000 after buying an additional 33 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.
Insider Activity at Broadcom
In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.
Analysts Set New Price Targets
Read Our Latest Stock Analysis on AVGO
Broadcom Stock Performance
AVGO stock opened at $164.84 on Friday. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The firm has a market cap of $769.90 billion, a price-to-earnings ratio of 143.34, a PEG ratio of 2.04 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 50-day simple moving average of $172.84 and a two-hundred day simple moving average of $159.35.
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating 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 analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, equities analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.
Broadcom Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.29%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is 184.35%.
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.
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