Brown Brothers Harriman & Co. Purchases 55,312 Shares of Broadcom Inc. (NASDAQ:AVGO)

Brown Brothers Harriman & Co. boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 1,118.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 60,259 shares of the semiconductor manufacturer’s stock after purchasing an additional 55,312 shares during the period. Brown Brothers Harriman & Co.’s holdings in Broadcom were worth $10,395,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Castleview Partners LLC boosted its stake in shares of Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 134 shares during the period. Tsfg LLC boosted its position in Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after purchasing an additional 204 shares during the period. Cedar Wealth Management LLC increased its holdings in shares of Broadcom by 900.0% in the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock valued at $41,000 after purchasing an additional 216 shares during the last quarter. Krane Funds Advisors LLC bought a new position in shares of Broadcom in the third quarter valued at about $42,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Broadcom during the 3rd quarter worth about $45,000. Institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction that occurred 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 sale, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. This trade represents a 4.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This trade represents a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on AVGO. JPMorgan Chase & Co. increased their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Truist Financial boosted their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. 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 report on Friday, September 6th. Mizuho boosted their target price on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Finally, UBS Group lifted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Two 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $195.96.

Broadcom Trading Down 0.0 %

Shares of Broadcom stock opened at $164.74 on Wednesday. The firm’s 50 day moving average is $173.76 and its 200 day moving average is $161.09. The firm has a market capitalization of $769.43 billion, a PE ratio of 143.13, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. 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.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the prior year, the business earned $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. Equities research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 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.