iA Global Asset Management Inc. Purchases 1,258,859 Shares of Broadcom Inc. (NASDAQ:AVGO)

iA Global Asset Management Inc. grew its position in Broadcom Inc. (NASDAQ:AVGO) by 1,008.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,383,673 shares of the semiconductor manufacturer’s stock after buying an additional 1,258,859 shares during the quarter. Broadcom accounts for approximately 4.2% of iA Global Asset Management Inc.’s holdings, making the stock its 5th biggest holding. iA Global Asset Management Inc.’s holdings in Broadcom were worth $238,684,000 at the end of the most recent quarter.

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

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This represents a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last quarter. 2.00% of the stock is owned by company insiders.

Broadcom Trading Up 5.3 %

Broadcom stock opened at $179.53 on Friday. The stock has a market capitalization of $838.51 billion, a PE ratio of 156.11, a price-to-earnings-growth ratio of 1.98 and a beta of 1.13. 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 Inc. has a 12-month low of $90.36 and a 12-month high of $186.42. The firm has a 50 day simple moving average of $172.87 and a 200-day simple moving average of $162.51.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period last year, the firm posted $0.95 earnings per share. As a group, equities research analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AVGO. Benchmark reissued a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. William Blair assumed coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating for the company. Cantor Fitzgerald lifted their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Rosenblatt Securities dropped their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Finally, Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $195.96.

Broadcom Company 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.