Tompkins Financial Corp Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Tompkins Financial Corp boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 900.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,150 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,035 shares during the period. Tompkins Financial Corp’s holdings in Broadcom were worth $198,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Scott & Selber Inc. lifted its holdings in shares of Broadcom by 891.9% in the third quarter. Scott & Selber Inc. now owns 78,085 shares of the semiconductor manufacturer’s stock valued at $13,470,000 after purchasing an additional 70,213 shares in the last quarter. TCTC Holdings LLC lifted its stake in Broadcom by 900.0% in the 3rd quarter. TCTC Holdings LLC now owns 2,040 shares of the semiconductor manufacturer’s stock valued at $352,000 after buying an additional 1,836 shares in the last quarter. Lindbrook Capital LLC grew its holdings in Broadcom by 903.7% during the 3rd quarter. Lindbrook Capital LLC now owns 69,265 shares of the semiconductor manufacturer’s stock valued at $11,948,000 after buying an additional 62,364 shares during the last quarter. Rather & Kittrell Inc. purchased a new position in Broadcom during the third quarter worth $219,000. Finally, Bridges Investment Management Inc. raised its holdings in shares of Broadcom by 896.2% in the third quarter. Bridges Investment Management Inc. now owns 433,424 shares of the semiconductor manufacturer’s stock worth $74,766,000 after acquiring an additional 389,916 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Down 1.5 %

NASDAQ AVGO opened at $176.22 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The business has a 50 day moving average price of $171.08 and a two-hundred day moving average price of $158.17. The stock has a market cap of $823.05 billion, a PE ratio of 153.10, a P/E/G ratio of 2.16 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, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 EPS. As a group, sell-side analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.20%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 184.19%.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Hock E. Tan sold 150,000 shares of the business’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 sale, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 0.00 % 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 in the last three months. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Oppenheimer cut their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Morgan Stanley raised their target price on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Benchmark reiterated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. raised their price objective on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $192.79.

About Broadcom

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.