Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,109.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 276,650 shares of the semiconductor manufacturer’s stock after buying an additional 253,771 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Broadcom were worth $47,722,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. State Street Corp boosted its stake in Broadcom by 948.5% during the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock worth $31,814,902,000 after purchasing an additional 166,844,263 shares during the last quarter. FMR LLC boosted its stake in Broadcom by 1,121.3% during the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock worth $15,594,088,000 after purchasing an additional 82,998,328 shares during the last quarter. Jennison Associates LLC boosted its stake in Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after purchasing an additional 32,178,542 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Broadcom by 975.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after acquiring an additional 30,674,902 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Broadcom by 962.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock valued at $5,519,591,000 after acquiring an additional 28,985,434 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other news, 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 completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 over the last three months. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

Shares of AVGO opened at $170.47 on Friday. The stock has a 50 day moving average price of $172.87 and a 200 day moving average price of $162.51. 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 $796.19 billion, a price-to-earnings ratio of 148.23, a price-to-earnings-growth ratio of 1.98 and a beta of 1.13. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42.

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, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 earnings per share. Research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AVGO shares. Rosenblatt Securities lowered 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 report on Friday, September 6th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Mizuho boosted their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Finally, UBS Group boosted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $195.96.

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.