Peregrine Asset Advisers Inc. Acquires 2,061 Shares of Broadcom Inc. (NASDAQ:AVGO)

Peregrine Asset Advisers Inc. lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the 3rd quarter, Holdings Channel reports. The firm owned 2,290 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,061 shares during the quarter. Peregrine Asset Advisers Inc.’s holdings in Broadcom were worth $395,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Patten & Patten Inc. TN boosted its stake in Broadcom by 940.6% during the third quarter. Patten & Patten Inc. TN now owns 21,135 shares of the semiconductor manufacturer’s stock worth $3,646,000 after acquiring an additional 19,104 shares in the last quarter. Proffitt & Goodson Inc. raised its position in shares of Broadcom by 1,182.7% during the third quarter. Proffitt & Goodson Inc. now owns 7,722 shares of the semiconductor manufacturer’s stock worth $1,332,000 after purchasing an additional 7,120 shares during the period. Ridgecrest Wealth Partners LLC bought a new stake in Broadcom during the 3rd quarter valued at $6,633,000. Supplemental Annuity Collective Trust of NJ raised its holdings in Broadcom by 780.9% during the third quarter. Supplemental Annuity Collective Trust of NJ now owns 24,400 shares of the semiconductor manufacturer’s stock worth $4,209,000 after buying an additional 21,630 shares during the last quarter. Finally, Kennebec Savings Bank bought a new position in shares of Broadcom in the third quarter valued at $1,599,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Mizuho lifted their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Truist Financial increased their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, Cantor Fitzgerald raised their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Price Performance

NASDAQ AVGO opened at $173.58 on Thursday. The company has a market cap of $810.72 billion, a PE ratio of 150.81, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm’s 50-day simple moving average is $171.55 and its two-hundred day simple moving average is $158.53. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS 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 company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the firm earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. 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. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. 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 1.22%. Broadcom’s payout ratio is 184.19%.

Insider Activity at Broadcom

In other Broadcom 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 completion of the transaction, the chief executive officer now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction 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 approximately $204,399,515.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by company insiders.

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.