Overbrook Management Corp Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Overbrook Management Corp boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,388.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 100,778 shares of the semiconductor manufacturer’s stock after purchasing an additional 94,008 shares during the period. Broadcom comprises about 4.0% of Overbrook Management Corp’s investment portfolio, making the stock its 9th biggest position. Overbrook Management Corp’s holdings in Broadcom were worth $17,384,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Creekside Partners raised its position in Broadcom by 838.4% in the 3rd quarter. Creekside Partners now owns 2,421 shares of the semiconductor manufacturer’s stock valued at $418,000 after purchasing an additional 2,163 shares during the last quarter. Primecap Management Co. CA increased its stake in shares of Broadcom by 896.2% in the third quarter. Primecap Management Co. CA now owns 950,635 shares of the semiconductor manufacturer’s stock valued at $163,985,000 after buying an additional 855,207 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of Broadcom by 1,162.0% in the third quarter. Intech Investment Management LLC now owns 345,098 shares of the semiconductor manufacturer’s stock valued at $59,529,000 after buying an additional 317,752 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Broadcom by 2,241.2% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,872,745 shares of the semiconductor manufacturer’s stock worth $323,049,000 after buying an additional 1,792,753 shares in the last quarter. Finally, King Luther Capital Management Corp grew its holdings in Broadcom by 919.4% during the 3rd quarter. King Luther Capital Management Corp now owns 1,420,860 shares of the semiconductor manufacturer’s stock worth $245,098,000 after acquiring an additional 1,281,475 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of research analyst reports. William Blair began coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating for the company. Mizuho boosted their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Cantor Fitzgerald boosted their target price on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Finally, Truist Financial upped their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $192.79.

Broadcom Trading Up 0.2 %

NASDAQ:AVGO opened at $164.23 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The business’s 50-day simple moving average is $173.70 and its 200-day simple moving average is $160.62. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The stock has a market capitalization of $767.05 billion, a PE ratio of 142.81, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17.

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

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

Insider Activity

In other news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % 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 business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 over the last three months. Corporate insiders own 2.00% of the company’s stock.

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.