Intech Investment Management LLC Has $59.53 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Intech Investment Management LLC raised its position in Broadcom Inc. (NASDAQ:AVGO) by 1,162.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 345,098 shares of the semiconductor manufacturer’s stock after acquiring an additional 317,752 shares during the period. Broadcom comprises approximately 0.7% of Intech Investment Management LLC’s holdings, making the stock its 21st largest holding. Intech Investment Management LLC’s holdings in Broadcom were worth $59,529,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Castleview Partners LLC lifted its position in Broadcom by 1,030.8% in the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 134 shares during the period. Tsfg LLC lifted its holdings in shares of Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after acquiring an additional 204 shares during the period. Cedar Wealth Management LLC boosted its position in shares of Broadcom by 900.0% during the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock valued at $41,000 after acquiring an additional 216 shares in the last quarter. Krane Funds Advisors LLC bought a new stake in Broadcom in the third quarter valued at about $42,000. Finally, Highline Wealth Partners LLC acquired a new position in Broadcom in the third quarter worth about $45,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $164.23 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The stock has a market capitalization of $767.05 billion, a P/E ratio of 142.81, a P/E/G ratio of 1.93 and a beta of 1.17. The business has a 50-day moving average price of $173.70 and a two-hundred day moving average price of $160.62.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping 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 business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. Equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed 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. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. Broadcom’s payout ratio is 184.35%.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 18,900 shares of the 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 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent research reports. Morgan Stanley lifted their price objective on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Mizuho upped their price target on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. William Blair initiated coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating for the company. UBS Group upped their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, Truist Financial increased their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus price target 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.