Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Glenmede Trust Co. NA

Glenmede Trust Co. NA increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 877.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 310,009 shares of the semiconductor manufacturer’s stock after purchasing an additional 278,300 shares during the period. Glenmede Trust Co. NA’s holdings in Broadcom were worth $53,477,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. AXA S.A. raised its position in shares of Broadcom by 2.7% in the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after buying an additional 7,608 shares during the last quarter. Catalyst Financial Partners LLC raised its holdings in Broadcom by 943.3% in the 3rd quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock valued at $3,473,000 after acquiring an additional 18,206 shares during the last quarter. Whittier Trust Co. lifted its stake in shares of Broadcom by 947.2% during the 3rd quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock worth $119,000,000 after purchasing an additional 623,983 shares during the period. Summit Place Financial Advisors LLC boosted its holdings in shares of Broadcom by 912.6% during the third quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock worth $1,691,000 after purchasing an additional 8,834 shares during the last quarter. Finally, Signaturefd LLC grew its position in shares of Broadcom by 913.0% in the third quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer’s stock valued at $13,624,000 after purchasing an additional 71,181 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 3.1 %

Shares of Broadcom stock opened at $159.67 on Friday. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The company has a market capitalization of $745.75 billion, a P/E ratio of 138.84, a PEG ratio of 1.94 and a beta of 1.17. The business’s fifty day moving average price is $173.57 and its two-hundred day moving average price is $161.49. 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 (NASDAQ:AVGO) last announced 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 firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the prior year, the firm posted $0.95 EPS. Broadcom’s revenue was up 47.3% compared to the same quarter last year. As a group, research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current 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 represents a $2.12 dividend on an annualized basis and a yield of 1.33%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is 184.35%.

Analysts Set New Price Targets

AVGO has been the topic of several recent analyst reports. Truist Financial increased their target price on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Rosenblatt Securities decreased their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Cantor Fitzgerald upped 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. The Goldman Sachs Group lifted their price target on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Morgan Stanley upped their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average target price of $195.96.

Insider Buying and Selling at Broadcom

In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares in the company, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were 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 in the company, valued at $217,594,136.70. This represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by corporate insiders.

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.