Ionic Capital Management LLC Invests $1.04 Million in Broadcom Inc. (NASDAQ:AVGO)

Ionic Capital Management LLC acquired a new position in Broadcom Inc. (NASDAQ:AVGO) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,000 shares of the semiconductor manufacturer’s stock, valued at approximately $1,035,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Lion Street Advisors LLC raised its holdings in Broadcom by 1.9% in the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock valued at $520,000 after acquiring an additional 6 shares in the last quarter. Optimum Investment Advisors raised its stake in shares of Broadcom by 0.6% in the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock valued at $2,262,000 after purchasing an additional 8 shares in the last quarter. Canandaigua National Bank & Trust Co. grew its stake in Broadcom by 1.4% in the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer’s stock worth $1,161,000 after purchasing an additional 10 shares in the last quarter. Shira Ridge Wealth Management raised its position in shares of Broadcom by 6.3% during the 2nd quarter. Shira Ridge Wealth Management now owns 170 shares of the semiconductor manufacturer’s stock valued at $273,000 after acquiring an additional 10 shares in the last quarter. Finally, VanderPol Investments L.L.C. lifted its position in shares of Broadcom by 7.0% in the 2nd quarter. VanderPol Investments L.L.C. now owns 198 shares of the semiconductor manufacturer’s stock worth $318,000 after buying an additional 13 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 2.7 %

Shares of AVGO stock opened at $166.51 on Tuesday. The firm’s fifty day moving average price is $173.39 and its two-hundred day moving average price is $161.69. Broadcom Inc. has a 1 year low of $90.31 and a 1 year 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 firm has a market capitalization of $777.70 billion, a P/E ratio of 144.67, a PEG ratio of 1.91 and a beta of 1.13.

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, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the company earned $0.95 earnings per share. The business’s revenue was up 47.3% compared to the same quarter last year. On average, equities analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. 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 1.27%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio is 184.19%.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction dated 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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 over the last quarter. 2.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

AVGO has been the subject of several recent research reports. UBS Group upped their target price on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. William Blair initiated coverage on Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Rosenblatt Securities reduced their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Benchmark reaffirmed a “buy” rating and set a $210.00 price target on shares of Broadcom in a research note 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $195.96.

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.