Broadcom Inc. (NASDAQ:AVGO) Position Boosted by Melqart Asset Management UK Ltd

Melqart Asset Management UK Ltd increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 493.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,502 shares of the semiconductor manufacturer’s stock after purchasing an additional 89,398 shares during the quarter. Broadcom accounts for 1.7% of Melqart Asset Management UK Ltd’s holdings, making the stock its 16th biggest position. Melqart Asset Management UK Ltd’s holdings in Broadcom were worth $18,544,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AVGO. Indiana Trust & Investment Management CO increased its stake in Broadcom by 39.5% in the 2nd quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock worth $85,000 after purchasing an additional 15 shares in the last quarter. Salem Investment Counselors Inc. increased its position in shares of Broadcom by 2.9% in the second quarter. Salem Investment Counselors Inc. now owns 2,712 shares of the semiconductor manufacturer’s stock worth $4,354,000 after acquiring an additional 77 shares in the last quarter. TTP Investments Inc. raised its holdings in shares of Broadcom by 5.1% during the second quarter. TTP Investments Inc. now owns 3,237 shares of the semiconductor manufacturer’s stock valued at $5,196,000 after acquiring an additional 158 shares during the period. Cherrydale Wealth Management LLC lifted its position in shares of Broadcom by 11.3% in the 2nd quarter. Cherrydale Wealth Management LLC now owns 354 shares of the semiconductor manufacturer’s stock valued at $568,000 after acquiring an additional 36 shares in the last quarter. Finally, Prentice Wealth Management LLC boosted its stake in Broadcom by 17.5% in the 2nd quarter. Prentice Wealth Management LLC now owns 710 shares of the semiconductor manufacturer’s stock worth $1,140,000 after purchasing an additional 106 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Benchmark reissued a “buy” rating and set a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. The Goldman Sachs Group increased their price objective on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Truist Financial lifted their target price on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Cantor Fitzgerald increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Finally, Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $195.96.

Insider Activity

In related news, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at $204,399,515.40. The trade was a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gayla J. Delly sold 750 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by company insiders.

Broadcom Trading Up 1.0 %

Shares of AVGO stock opened at $168.15 on Wednesday. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The company has a market cap of $785.36 billion, a PE ratio of 146.09, a price-to-earnings-growth ratio of 1.96 and a beta of 1.13. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The business’s 50 day moving average is $173.12 and its two-hundred day moving average is $162.12.

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

Broadcom Increases Dividend

The firm 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. The ex-dividend date was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. Broadcom’s payout ratio is 184.19%.

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.