Erste Asset Management GmbH Invests $105.73 Million in Broadcom Inc. (NASDAQ:AVGO)

Erste Asset Management GmbH acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGOFree Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 612,288 shares of the semiconductor manufacturer’s stock, valued at approximately $105,726,000. Broadcom makes up approximately 1.3% of Erste Asset Management GmbH’s portfolio, making the stock its 11th largest holding.

Other institutional investors have also bought and sold shares of the company. Lion Street Advisors LLC lifted its holdings in Broadcom by 1.9% during the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after buying an additional 6 shares in the last quarter. Optimum Investment Advisors raised its stake in shares of Broadcom by 0.6% in the second quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock valued at $2,262,000 after acquiring an additional 8 shares in the last quarter. Anderson Hoagland & Co. raised its stake in shares of Broadcom by 0.3% in the second quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer’s stock valued at $4,623,000 after acquiring an additional 9 shares in the last quarter. Wealth Group Ltd boosted its holdings in Broadcom by 6.0% in the second quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock valued at $283,000 after purchasing an additional 10 shares during the period. Finally, Canandaigua National Bank & Trust Co. grew its stake in Broadcom by 1.4% during the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer’s stock worth $1,161,000 after purchasing an additional 10 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. increased their price target on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Mizuho boosted their price target on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. The Goldman Sachs Group raised their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Finally, William Blair initiated coverage on Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $195.96.

Read Our Latest Stock Analysis on AVGO

Broadcom Stock Up 1.5 %

AVGO opened at $162.08 on Friday. The business has a 50 day simple moving average of $173.39 and a 200-day simple moving average of $161.69. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The stock has a market capitalization of $757.01 billion, a P/E ratio of 140.82, a P/E/G ratio of 1.91 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.

Broadcom (NASDAQ:AVGOGet Free Report) last posted its quarterly 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. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business 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 company posted $0.95 EPS. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, equities analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.31%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This trade represents a 4.83 % decrease in their ownership of the stock. 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 in the last quarter. Company insiders own 2.00% of the company’s stock.

Broadcom Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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