Sompo Asset Management Co. Ltd. Acquires 17,600 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sompo Asset Management Co. Ltd. grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 871.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 19,620 shares of the semiconductor manufacturer’s stock after purchasing an additional 17,600 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Broadcom were worth $3,384,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of AVGO. Castleview Partners LLC raised its position in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 134 shares during the last quarter. Tsfg LLC raised its holdings in shares of Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 204 shares during the last quarter. Cedar Wealth Management LLC lifted its position in shares of Broadcom by 900.0% during 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 in the last quarter. Krane Funds Advisors LLC bought a new stake in Broadcom in the 3rd quarter worth about $42,000. Finally, Highline Wealth Partners LLC bought a new stake in Broadcom in the 3rd quarter worth about $45,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on AVGO shares. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Mizuho upped their price objective on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. lifted their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Rosenblatt Securities reduced their price target 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, Benchmark reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Two equities research 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. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $195.96.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the sale, the insider now owns 399,460 shares in the company, valued at $70,744,366. This trade represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

Broadcom stock opened at $164.82 on Tuesday. 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. The firm has a market capitalization of $769.80 billion, a PE ratio of 143.20, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. The firm’s 50 day simple moving average is $173.72 and its 200 day simple moving average is $160.86.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The business’s quarterly revenue was up 47.3% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. 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.