Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by New Vernon Investment Management LLC

New Vernon Investment Management LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,000 shares of the semiconductor manufacturer’s stock after acquiring an additional 9,900 shares during the quarter. Broadcom makes up about 2.0% of New Vernon Investment Management LLC’s portfolio, making the stock its 17th biggest holding. New Vernon Investment Management LLC’s holdings in Broadcom were worth $1,898,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Apella Capital LLC lifted its position in Broadcom by 16.0% in the second quarter. Apella Capital LLC now owns 282 shares of the semiconductor manufacturer’s stock valued at $489,000 after buying an additional 39 shares during the last quarter. Thomasville National Bank lifted its position in shares of Broadcom by 13.0% during the second quarter. Thomasville National Bank now owns 208 shares of the semiconductor manufacturer’s stock worth $334,000 after purchasing an additional 24 shares in the last quarter. Matrix Trust Co lifted its position in shares of Broadcom by 3.0% during the second quarter. Matrix Trust Co now owns 1,866 shares of the semiconductor manufacturer’s stock worth $2,996,000 after purchasing an additional 55 shares in the last quarter. Greenfield Savings Bank acquired a new stake in shares of Broadcom during the second quarter worth about $234,000. Finally, MPS Loria Financial Planners LLC acquired a new stake in shares of Broadcom during the second quarter worth about $263,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on AVGO. Mizuho upped their target price on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Morgan Stanley upped their target price on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. increased their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. The Goldman Sachs Group increased their price target 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. Finally, Cantor Fitzgerald increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Two 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. According to data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $195.96.

Broadcom Stock Performance

AVGO traded up $0.95 on Tuesday, hitting $167.46. The company had a trading volume of 2,642,182 shares, compared to its average volume of 28,959,877. The company’s fifty day moving average price is $173.39 and its 200 day moving average price is $161.69. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. 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 stock has a market cap of $782.14 billion, a price-to-earnings ratio of 144.67, a price-to-earnings-growth ratio of 1.91 and a beta of 1.13.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during 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 quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 earnings per share. Equities analysts predict 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. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.27%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is 184.19%.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 20,280 shares of the company’s stock in a transaction 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 owns 399,460 shares of the company’s stock, valued at $70,744,366. This represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated Thursday, September 19th. The shares were 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 directly owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 over the last three months. Company insiders own 2.00% of the company’s stock.

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.