Cynosure Group LLC Buys 2,989 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cynosure Group LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 262.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,130 shares of the semiconductor manufacturer’s stock after buying an additional 2,989 shares during the period. Cynosure Group LLC’s holdings in Broadcom were worth $712,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Hardy Reed LLC boosted its stake in Broadcom by 886.1% in the 3rd quarter. Hardy Reed LLC now owns 11,389 shares of the semiconductor manufacturer’s stock valued at $1,965,000 after purchasing an additional 10,234 shares during the period. Townsquare Capital LLC grew its stake in shares of Broadcom by 1,299.9% in the third quarter. Townsquare Capital LLC now owns 145,517 shares of the semiconductor manufacturer’s stock valued at $25,102,000 after acquiring an additional 135,122 shares in the last quarter. NCP Inc. increased its position in Broadcom by 1,555.9% during the third quarter. NCP Inc. now owns 7,700 shares of the semiconductor manufacturer’s stock worth $1,328,000 after acquiring an additional 7,235 shares during the period. Baldwin Investment Management LLC raised its stake in Broadcom by 889.0% in the 3rd quarter. Baldwin Investment Management LLC now owns 81,378 shares of the semiconductor manufacturer’s stock worth $14,038,000 after purchasing an additional 73,150 shares in the last quarter. Finally, Cadence Bank boosted its holdings in Broadcom by 857.2% in the 3rd quarter. Cadence Bank now owns 256,196 shares of the semiconductor manufacturer’s stock valued at $44,194,000 after purchasing an additional 229,432 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of a number of analyst reports. Benchmark reiterated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. Mizuho lifted their price objective on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group raised their price target on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, UBS Group upped their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Two investment 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 has an average rating of “Moderate Buy” and an average price target of $195.96.

Broadcom Stock Performance

Broadcom stock opened at $159.67 on Thursday. The business has a 50 day moving average of $173.72 and a 200-day moving average of $161.28. 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 Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company has a market capitalization of $745.75 billion, a P/E ratio of 138.72, a P/E/G ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, equities research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current 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 dividend yield of 1.33%. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 184.19%.

Insider Activity

In related news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the sale, the director now owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. The trade was a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 311,080 shares of company stock valued at $53,540,590. 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.