Brown Brothers Harriman & Co. Has $10.40 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Brown Brothers Harriman & Co. grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,118.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 60,259 shares of the semiconductor manufacturer’s stock after purchasing an additional 55,312 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Broadcom were worth $10,395,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of AVGO. Loomis Sayles & Co. L P increased its position in Broadcom by 918.3% in the 3rd quarter. Loomis Sayles & Co. L P now owns 67,858 shares of the semiconductor manufacturer’s stock valued at $11,705,000 after buying an additional 61,194 shares in the last quarter. Boston Family Office LLC acquired a new stake in Broadcom in the third quarter valued at approximately $233,000. Blue Whale Capital LLP increased its holdings in shares of Broadcom by 1,291.6% during the third quarter. Blue Whale Capital LLP now owns 869,245 shares of the semiconductor manufacturer’s stock valued at $149,945,000 after acquiring an additional 806,780 shares in the last quarter. Bedell Frazier Investment Counselling LLC raised its position in shares of Broadcom by 711.4% during the third quarter. Bedell Frazier Investment Counselling LLC now owns 13,364 shares of the semiconductor manufacturer’s stock worth $2,305,000 after purchasing an additional 11,717 shares during the period. Finally, Independent Advisor Alliance lifted its holdings in shares of Broadcom by 932.0% in the 3rd quarter. Independent Advisor Alliance now owns 187,592 shares of the semiconductor manufacturer’s stock worth $32,360,000 after purchasing an additional 169,414 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO 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 stock has a market capitalization of $769.43 billion, a P/E ratio of 143.13, a PEG ratio of 1.93 and a beta of 1.17. Broadcom Inc. has a 12 month low of $90.31 and a 12 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.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results 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. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the prior year, the business posted $0.95 earnings per share. The company’s revenue was up 47.3% on a year-over-year basis. On average, sell-side 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. Investors of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 184.19%.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 50,000 shares of the 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 transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the transaction, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. The trade was 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 ninety days. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Mizuho raised their price target 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. Truist Financial boosted their price objective on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. raised their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, UBS Group upped their price target on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Two analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average target price 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.