Holocene Advisors LP Invests $129.31 Million in Broadcom Inc. (NASDAQ:AVGO)

Holocene Advisors LP acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 749,623 shares of the semiconductor manufacturer’s stock, valued at approximately $129,310,000.

A number of other hedge funds also recently bought and sold shares of AVGO. Chevy Chase Trust Holdings LLC raised its position in Broadcom by 995.1% in the 3rd quarter. Chevy Chase Trust Holdings LLC now owns 2,663,819 shares of the semiconductor manufacturer’s stock worth $459,509,000 after purchasing an additional 2,420,575 shares during the period. Cinctive Capital Management LP increased its holdings in shares of Broadcom by 1,381.3% in the third quarter. Cinctive Capital Management LP now owns 23,894 shares of the semiconductor manufacturer’s stock worth $4,122,000 after buying an additional 22,281 shares during the period. Clear Street Derivatives LLC bought a new stake in shares of Broadcom in the 3rd quarter valued at about $4,209,000. Coastwise Capital Group LLC boosted its holdings in Broadcom by 904.4% during the 3rd quarter. Coastwise Capital Group LLC now owns 2,049 shares of the semiconductor manufacturer’s stock valued at $353,000 after acquiring an additional 1,845 shares during the period. Finally, Community Bank N.A. grew its position in Broadcom by 837.0% during the 3rd quarter. Community Bank N.A. now owns 51,373 shares of the semiconductor manufacturer’s stock worth $8,862,000 after acquiring an additional 45,890 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of a number of recent analyst reports. Benchmark reissued a “buy” rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. The Goldman Sachs Group raised their target price on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. UBS Group upped their price target on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Morgan Stanley lifted their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $195.96.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This trade represents a 3.24 % 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 valued at $53,540,590. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

Broadcom stock opened at $162.08 on Monday. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. 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 company has a market capitalization of $757.01 billion, a P/E ratio of 140.94, a PEG ratio of 1.91 and a beta of 1.17. The stock’s 50 day moving average is $173.39 and its 200 day moving average is $161.69.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 EPS. On average, equities research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is presently 184.35%.

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.