Townsend Asset Management Corp NC ADV Buys 5,041 Shares of Broadcom Inc. (NASDAQ:AVGO)

Townsend Asset Management Corp NC ADV raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 898.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,602 shares of the semiconductor manufacturer’s stock after acquiring an additional 5,041 shares during the period. Townsend Asset Management Corp NC ADV’s holdings in Broadcom were worth $966,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after acquiring an additional 1,303,462 shares during the last quarter. Swedbank AB increased its holdings in Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares in the last quarter. Raymond James & Associates raised its position in Broadcom by 855.4% in the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock valued at $2,186,292,000 after purchasing an additional 11,347,563 shares during the last quarter. Jennison Associates LLC boosted its stake in Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after purchasing an additional 1,263,957 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Broadcom by 2.2% during the second quarter. Legal & General Group Plc now owns 3,963,063 shares of the semiconductor manufacturer’s stock worth $6,362,816,000 after purchasing an additional 83,846 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This 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 is available at this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total value of $1,671,400.00. Following the sale, the chief executive officer now owns 1,171,910 shares in the company, valued at approximately $195,873,037.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This represents 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. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of research analyst reports. StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Cantor Fitzgerald boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Rosenblatt Securities decreased their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. William Blair started coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. Finally, JPMorgan Chase & Co. upped 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 equities research 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $191.54.

Broadcom Stock Down 3.3 %

Shares of NASDAQ:AVGO opened at $173.51 on Thursday. The company has a 50 day moving average price of $167.93 and a two-hundred day moving average price of $154.14. The company has a market capitalization of $807.67 billion, a PE ratio of 7.46, a PEG ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last issued 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 return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the business posted $0.95 EPS. The firm’s revenue was up 47.3% compared to the same quarter last year. Analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.22%. 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 presently 9.12%.

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.