Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Simmons Bank

Simmons Bank raised its position in Broadcom Inc. (NASDAQ:AVGO) by 877.4% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 16,410 shares of the semiconductor manufacturer’s stock after buying an additional 14,731 shares during the quarter. Simmons Bank’s holdings in Broadcom were worth $2,831,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of AVGO. Swedbank AB boosted its stake in shares of Broadcom by 858.7% in the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after buying an additional 16,453,718 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Broadcom by 917.8% in the third quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer’s stock valued at $2,203,837,000 after acquiring an additional 11,453,554 shares during the period. Raymond James & Associates grew its stake in shares of Broadcom by 855.4% during the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock worth $2,186,292,000 after purchasing an additional 11,347,563 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Broadcom by 908.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,374,079 shares of the semiconductor manufacturer’s stock valued at $1,962,029,000 after purchasing an additional 10,245,786 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of Broadcom by 226,130.5% in the third quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer’s stock valued at $14,224,520,000 after purchasing an additional 8,242,455 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In related news, CEO Hock E. Tan sold 50,000 shares of the firm’s 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 sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of Broadcom stock opened at $164.84 on Friday. The business’s fifty day moving average price is $172.84 and its 200 day moving average price is $159.35. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $769.90 billion, a P/E ratio of 143.34, a PEG ratio of 2.04 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 EPS. As a group, research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is presently 184.35%.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVGO. The Goldman Sachs Group increased their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Rosenblatt Securities reduced their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Truist Financial raised their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. William Blair initiated coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Finally, StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued 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 $192.79.

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.