Kistler Tiffany Companies LLC raised its holdings in shares of Broadcom Inc (NASDAQ:AVGO) by 50.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,278 shares of the semiconductor manufacturer’s stock after buying an additional 430 shares during the period. Kistler Tiffany Companies LLC’s holdings in Broadcom were worth $315,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in AVGO. Marcus Capital LLC acquired a new position in shares of Broadcom during the second quarter worth $364,000. BP PLC acquired a new position in shares of Broadcom during the second quarter worth $12,135,000. Wesbanco Bank Inc. acquired a new position in shares of Broadcom during the second quarter worth $19,879,000. Sigma Investment Counselors Inc. acquired a new position in shares of Broadcom during the second quarter worth $286,000. Finally, KBC Group NV bought a new stake in shares of Broadcom in the second quarter worth $10,500,000. 88.02% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on AVGO shares. Piper Jaffray Companies set a $293.00 price target on shares of Broadcom and gave the stock a “buy” rating in a research note on Tuesday, September 25th. Mizuho restated a “buy” rating on shares of Broadcom in a research note on Friday, October 5th. Bank of America upgraded shares of Broadcom from a “neutral” rating to a “buy” rating in a research note on Friday, September 7th. BidaskClub upgraded shares of Broadcom from a “sell” rating to a “hold” rating in a research note on Wednesday, August 29th. Finally, KeyCorp dropped their price target on shares of Broadcom from $325.00 to $260.00 and set an “overweight” rating for the company in a research note on Wednesday, July 25th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirty-one have given a buy rating to the company. Broadcom has an average rating of “Buy” and a consensus target price of $290.77.
Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating the consensus estimate of $4.82 by $0.16. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The firm had revenue of $5.06 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the firm earned $4.10 earnings per share. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. Equities research analysts predict that Broadcom Inc will post 18.09 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Wednesday, September 19th were paid a dividend of $1.75 per share. The ex-dividend date was Tuesday, September 18th. This represents a $7.00 annualized dividend and a yield of 3.07%. Broadcom’s payout ratio is 48.95%.
In other news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Monday, October 15th. The shares were sold at an average price of $231.03, for a total transaction of $4,620,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kirsten M. Spears sold 1,194 shares of the company’s stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 61,194 shares of company stock valued at $13,785,345. 3.30% of the stock is owned by insiders.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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