Baldwin Investment Management LLC Acquires 73,150 Shares of Broadcom Inc. (NASDAQ:AVGO)

Baldwin Investment Management LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 889.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,378 shares of the semiconductor manufacturer’s stock after acquiring an additional 73,150 shares during the quarter. Broadcom makes up 1.8% of Baldwin Investment Management LLC’s investment portfolio, making the stock its 5th largest position. Baldwin Investment Management LLC’s holdings in Broadcom were worth $14,038,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Cadence Bank raised its holdings in shares of Broadcom by 857.2% in the third quarter. Cadence Bank now owns 256,196 shares of the semiconductor manufacturer’s stock worth $44,194,000 after acquiring an additional 229,432 shares during the last quarter. Carlson Capital Management increased its position in Broadcom by 957.9% during the 3rd quarter. Carlson Capital Management now owns 6,982 shares of the semiconductor manufacturer’s stock worth $1,204,000 after purchasing an additional 6,322 shares in the last quarter. CKW Financial Group raised its stake in Broadcom by 971.4% in the 3rd quarter. CKW Financial Group now owns 300 shares of the semiconductor manufacturer’s stock valued at $50,000 after purchasing an additional 272 shares during the last quarter. Transamerica Financial Advisors Inc. raised its stake in Broadcom by 317.1% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 6,477 shares of the semiconductor manufacturer’s stock valued at $1,118,000 after purchasing an additional 4,924 shares during the last quarter. Finally, Rock Point Advisors LLC lifted its holdings in Broadcom by 865.1% in the 3rd quarter. Rock Point Advisors LLC now owns 66,265 shares of the semiconductor manufacturer’s stock valued at $11,431,000 after purchasing an additional 59,399 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $159.67 on Thursday. The firm has a market capitalization of $745.75 billion, a PE ratio of 138.72, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The stock’s 50 day moving average price is $173.72 and its 200 day moving average price is $161.28. 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 posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 earnings per share. As a group, sell-side analysts expect that Broadcom Inc. will post 3.78 EPS 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. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 184.19%.

Insider Activity

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 transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. The trade was a 2.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Benchmark reiterated a “buy” rating and set a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. The Goldman Sachs Group lifted their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Truist Financial increased their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Morgan Stanley lifted their price objective on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, Mizuho upped their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Two 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $195.96.

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.