Commonwealth Retirement Investments LLC Acquires 84,520 Shares of Broadcom Inc. (NASDAQ:AVGO)

Commonwealth Retirement Investments LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 887.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 94,045 shares of the semiconductor manufacturer’s stock after purchasing an additional 84,520 shares during the quarter. Broadcom comprises 6.8% of Commonwealth Retirement Investments LLC’s portfolio, making the stock its biggest holding. Commonwealth Retirement Investments LLC’s holdings in Broadcom were worth $16,223,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Castleview Partners LLC raised its stake in shares of Broadcom by 1,030.8% in the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 134 shares during the last quarter. Delta Asset Management LLC TN increased its holdings in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares in the last quarter. Tsfg LLC grew its holdings in Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after acquiring an additional 204 shares during the period. Krane Funds Advisors LLC acquired a new stake in Broadcom during the 3rd quarter worth $42,000. Finally, Highline Wealth Partners LLC acquired a new position in shares of Broadcom in the 3rd quarter valued at $45,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

AVGO opened at $164.84 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a market cap of $769.90 billion, a price-to-earnings ratio of 143.34, a PEG ratio of 2.04 and a beta of 1.17. The company’s 50 day moving average is $172.29 and its 200 day moving average is $159.14. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42.

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

Broadcom Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Rosenblatt Securities dropped their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Benchmark reiterated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. The Goldman Sachs Group boosted their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $192.79.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. This represents a 11.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction that occurred 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 owns 753,280 shares of the company’s stock, valued at $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. Over the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. 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.