Investment Management Corp of Ontario Purchases 154,389 Shares of Broadcom Inc. (NASDAQ:AVGO)

Investment Management Corp of Ontario raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,375.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 165,612 shares of the semiconductor manufacturer’s stock after acquiring an additional 154,389 shares during the period. Broadcom makes up approximately 0.6% of Investment Management Corp of Ontario’s holdings, making the stock its 25th largest holding. Investment Management Corp of Ontario’s holdings in Broadcom were worth $28,568,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of AVGO. Apella Capital LLC grew its position in Broadcom by 16.0% in the second quarter. Apella Capital LLC now owns 282 shares of the semiconductor manufacturer’s stock worth $489,000 after acquiring an additional 39 shares in the last quarter. Thomasville National Bank lifted its holdings in Broadcom by 13.0% during the second quarter. Thomasville National Bank now owns 208 shares of the semiconductor manufacturer’s stock valued at $334,000 after purchasing an additional 24 shares in the last quarter. Matrix Trust Co lifted its position in Broadcom by 3.0% during the second quarter. Matrix Trust Co now owns 1,866 shares of the semiconductor manufacturer’s stock worth $2,996,000 after buying an additional 55 shares in the last quarter. Greenfield Savings Bank acquired a new position in shares of Broadcom in the 2nd quarter worth approximately $234,000. Finally, MPS Loria Financial Planners LLC purchased a new stake in shares of Broadcom during the second quarter worth approximately $263,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AVGO has been the topic of a number of research analyst reports. Morgan Stanley boosted their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Benchmark reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Rosenblatt Securities dropped their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. UBS Group upped their price target on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, JPMorgan Chase & Co. boosted their price objective 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 research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $195.96.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the transaction, the insider now directly owns 399,460 shares of the company’s stock, valued at $70,744,366. This represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was 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 directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The trade was a 3.62 % 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 quarter. Company insiders own 2.00% of the company’s stock.

Broadcom Trading Up 0.7 %

AVGO stock opened at $167.61 on Tuesday. The firm’s fifty day simple moving average is $173.39 and its two-hundred day simple moving average is $161.69. The stock has a market capitalization of $782.84 billion, a price-to-earnings ratio of 144.67, a price-to-earnings-growth ratio of 1.91 and a beta of 1.13. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last issued 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 business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the prior year, the business earned $0.95 earnings per share. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. As a group, analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid 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 dividend yield of 1.26%. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is currently 184.19%.

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.