Lafayette Investments Inc. Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Lafayette Investments Inc. boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 963.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 4,180 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,787 shares during the period. Lafayette Investments Inc.’s holdings in Broadcom were worth $721,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. New Mexico Educational Retirement Board raised its stake in Broadcom by 5.3% during the 1st quarter. New Mexico Educational Retirement Board now owns 24,046 shares of the semiconductor manufacturer’s stock valued at $31,871,000 after acquiring an additional 1,200 shares during the last quarter. River Street Advisors LLC raised its stake in shares of Broadcom by 3.7% during the first quarter. River Street Advisors LLC now owns 1,699 shares of the semiconductor manufacturer’s stock worth $2,252,000 after purchasing an additional 60 shares during the last quarter. Annapolis Financial Services LLC lifted its holdings in shares of Broadcom by 38.0% during the first quarter. Annapolis Financial Services LLC now owns 109 shares of the semiconductor manufacturer’s stock worth $144,000 after purchasing an additional 30 shares during the period. Richardson Capital Management LLC purchased a new position in Broadcom in the 1st quarter valued at $29,000. Finally, Cornerstone Wealth Group LLC grew its position in Broadcom by 14.4% in the 1st quarter. Cornerstone Wealth Group LLC now owns 9,324 shares of the semiconductor manufacturer’s stock valued at $12,359,000 after buying an additional 1,172 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at $204,399,515.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now owns 737,330 shares of the company’s stock, valued at $133,781,155.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 in the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $173.00 on Friday. The stock has a fifty day moving average price of $168.18 and a 200 day moving average price of $154.68. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $186.42. The firm has a market capitalization of $805.29 billion, a P/E ratio of 7.44, a PEG ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data 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 business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the prior year, the firm posted $0.95 EPS. The company’s revenue was up 47.3% on a year-over-year basis. Equities research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Thursday, September 19th. 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 1.23%. Broadcom’s payout ratio is currently 9.12%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVGO. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. boosted their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. William Blair initiated coverage on Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. The Goldman Sachs Group upped their price objective on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Benchmark reaffirmed a “buy” rating and set a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $191.54.

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.