Trust Asset Management LLC Has $8.35 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Trust Asset Management LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the third quarter, HoldingsChannel reports. The fund owned 48,390 shares of the semiconductor manufacturer’s stock after purchasing an additional 43,551 shares during the quarter. Broadcom comprises approximately 0.7% of Trust Asset Management LLC’s holdings, making the stock its 15th biggest position. Trust Asset Management LLC’s holdings in Broadcom were worth $8,347,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Jennison Associates LLC lifted its holdings in shares of Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after buying an additional 32,178,542 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Broadcom by 962.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock valued at $5,519,591,000 after acquiring an additional 28,985,434 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Broadcom by 938.8% in the third quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer’s stock valued at $4,040,430,000 after acquiring an additional 21,168,095 shares during the last quarter. Swedbank AB grew its position in Broadcom by 858.7% in the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after acquiring an additional 16,453,718 shares in the last quarter. Finally, Swiss National Bank increased its stake in shares of Broadcom by 907.0% during the 3rd quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer’s stock worth $2,264,223,000 after purchasing an additional 11,822,467 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now directly owns 380,560 shares of the company’s stock, valued at $69,596,812.80. The trade was a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares in the company, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Mizuho upped their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Benchmark reissued a “buy” rating and set a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Rosenblatt Securities cut their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. William Blair started coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Finally, TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two investment 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’s stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $195.96.

Broadcom Stock Down 0.0 %

AVGO opened at $164.74 on Wednesday. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The company has a market capitalization of $769.43 billion, a P/E ratio of 143.13, a P/E/G ratio of 1.93 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm’s fifty day moving average price is $173.76 and its two-hundred day moving average price is $161.09.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data 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. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. On average, analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

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.