Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2,476.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,870,958 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,798,340 shares during the quarter. Broadcom makes up approximately 0.8% of Healthcare of Ontario Pension Plan Trust Fund’s holdings, making the stock its 26th largest position. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Broadcom were worth $322,740,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. Jacobs Levy Equity Management Inc. boosted its position in Broadcom by 166.2% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer’s stock valued at $3,070,000 after purchasing an additional 1,446 shares during the period. Soltis Investment Advisors LLC raised its stake in Broadcom by 7.4% during the 1st quarter. Soltis Investment Advisors LLC now owns 521 shares of the semiconductor manufacturer’s stock valued at $690,000 after acquiring an additional 36 shares in the last quarter. Cypress Asset Management Inc. TX raised its stake in Broadcom by 26.1% during the 1st quarter. Cypress Asset Management Inc. TX now owns 6,190 shares of the semiconductor manufacturer’s stock valued at $8,345,000 after acquiring an additional 1,282 shares in the last quarter. American Trust raised its stake in Broadcom by 9.8% during the 1st quarter. American Trust now owns 495 shares of the semiconductor manufacturer’s stock valued at $656,000 after acquiring an additional 44 shares in the last quarter. Finally, Jackson Wealth Management LLC raised its stake in Broadcom by 2.2% during the 1st quarter. Jackson Wealth Management LLC now owns 18,312 shares of the semiconductor manufacturer’s stock valued at $24,271,000 after acquiring an additional 386 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $159.67 on Friday. 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 Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The stock’s 50-day moving average is $173.57 and its two-hundred day moving average is $161.49. The firm has a market cap of $745.75 billion, a P/E ratio of 138.84, a PEG ratio of 1.94 and a beta of 1.17.

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. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the prior year, the firm posted $0.95 EPS. The business’s revenue was up 47.3% compared to the same quarter last year. Analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.33%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 184.35%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. TD Cowen raised Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. William Blair assumed coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. Morgan Stanley lifted their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Rosenblatt Securities dropped their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Finally, Cantor Fitzgerald boosted their price objective on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $195.96.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 50,000 shares of the 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 transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock valued at $53,540,590 in the last three months. Insiders own 2.00% of the company’s stock.

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.