Pitcairn Co. Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Pitcairn Co. lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 807.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,133 shares of the semiconductor manufacturer’s stock after acquiring an additional 88,213 shares during the period. Broadcom accounts for 1.0% of Pitcairn Co.’s holdings, making the stock its 15th largest position. Pitcairn Co.’s holdings in Broadcom were worth $17,100,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in AVGO. Kennedy Capital Management LLC acquired a new position in shares of Broadcom during the 1st quarter worth approximately $5,723,000. Jacobs Levy Equity Management Inc. lifted its position in Broadcom by 166.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer’s stock worth $3,070,000 after buying an additional 1,446 shares in the last quarter. Levin Capital Strategies L.P. acquired a new position in Broadcom during the first quarter worth $331,000. Redwood Investment Management LLC acquired a new position in Broadcom during the first quarter worth $1,015,000. Finally, Creekmur Asset Management LLC grew its holdings in Broadcom by 89.7% in the 1st quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock valued at $98,000 after buying an additional 35 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Up 0.4 %

NASDAQ:AVGO opened at $164.82 on Tuesday. The stock has a fifty day moving average price of $173.72 and a 200 day moving average price of $160.86. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The firm has a market cap of $769.80 billion, a PE ratio of 143.20, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17.

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

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. Broadcom’s dividend payout ratio is currently 184.19%.

Analysts Set New Price Targets

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. Cantor Fitzgerald boosted 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. The Goldman Sachs Group increased their price target on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Truist Financial lifted their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, William Blair initiated coverage on Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $195.96.

Insider Activity

In other news, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now owns 34,750 shares in the company, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. The trade was a 11.26 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

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.