Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Meridian Management Co.

Meridian Management Co. lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 920.6% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,786 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,611 shares during the period. Meridian Management Co.’s holdings in Broadcom were worth $308,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in AVGO. Swedbank AB raised its stake in Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares during the last quarter. Van ECK Associates Corp raised its stake in Broadcom by 917.8% in the 3rd quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer’s stock valued at $2,203,837,000 after purchasing an additional 11,453,554 shares during the last quarter. Raymond James & Associates raised its stake in Broadcom by 855.4% in the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock valued at $2,186,292,000 after purchasing an additional 11,347,563 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Broadcom by 908.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,374,079 shares of the semiconductor manufacturer’s stock valued at $1,962,029,000 after purchasing an additional 10,245,786 shares during the last quarter. Finally, International Assets Investment Management LLC raised its stake in Broadcom by 226,130.5% in the 3rd quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer’s stock valued at $14,224,520,000 after purchasing an additional 8,242,455 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Down 3.3 %

NASDAQ AVGO opened at $164.84 on Friday. The stock has a market cap of $769.90 billion, a PE ratio of 143.34, a P/E/G ratio of 2.04 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The business has a 50 day moving average price of $172.29 and a two-hundred day moving average price of $159.14. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.95 EPS. As a group, sell-side analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced 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 is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is 184.35%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. UBS Group upped their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Rosenblatt Securities dropped their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. The Goldman Sachs Group upped their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Finally, Truist Financial upped their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $192.79.

Insider Activity

In related news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares in the company, valued at approximately $69,596,812.80. This represents a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by insiders.

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.