Investors Research Corp Buys 3,042 Shares of Broadcom Inc. (NASDAQ:AVGO)

Investors Research Corp raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 900.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 3,380 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,042 shares during the period. Investors Research Corp’s holdings in Broadcom were worth $583,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Activest Wealth Management grew its holdings in shares of Broadcom by 257.0% in the 3rd quarter. Activest Wealth Management now owns 846 shares of the semiconductor manufacturer’s stock valued at $146,000 after buying an additional 609 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Broadcom by 962.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock worth $5,519,591,000 after purchasing an additional 28,985,434 shares during the period. Banco Santander S.A. lifted its position in Broadcom by 901.0% during the 3rd quarter. Banco Santander S.A. now owns 260,870 shares of the semiconductor manufacturer’s stock worth $45,000,000 after buying an additional 234,808 shares in the last quarter. Navellier & Associates Inc. lifted its position in Broadcom by 191.5% during the 3rd quarter. Navellier & Associates Inc. now owns 15,796 shares of the semiconductor manufacturer’s stock worth $2,725,000 after buying an additional 10,378 shares in the last quarter. Finally, Smithfield Trust Co lifted its position in Broadcom by 834.8% during the 3rd quarter. Smithfield Trust Co now owns 15,190 shares of the semiconductor manufacturer’s stock worth $2,623,000 after buying an additional 13,565 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $164.23 on Monday. The company has a fifty day moving average price of $173.70 and a 200-day moving average price of $160.62. The company has a market capitalization of $767.05 billion, a P/E ratio of 142.81, a PEG ratio of 1.93 and a beta of 1.17. Broadcom Inc. has a 52-week low of $90.31 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 released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 earnings per share. As a group, equities analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 184.35%.

Analysts Set New Price Targets

Several equities research analysts have commented on AVGO shares. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Cantor Fitzgerald upped their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Mizuho upped their target price on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Truist Financial increased their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Finally, UBS Group increased their price target on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Two research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $195.96.

Insider Activity

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated 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 completion of the sale, 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. Company insiders own 2.00% of the company’s stock.

Broadcom Company 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.