Cynosure Group LLC Has $712,000 Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Cynosure Group LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 262.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,130 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,989 shares during the quarter. Cynosure Group LLC’s holdings in Broadcom were worth $712,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. FMR LLC raised its position in Broadcom by 1,121.3% in 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 lifted its stake in shares of Broadcom by 842.4% during the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after acquiring an additional 32,178,542 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Broadcom by 962.3% in the third 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. Fisher Asset Management LLC increased its position in Broadcom by 938.8% in the third quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer’s stock worth $4,040,430,000 after purchasing an additional 21,168,095 shares during the period. Finally, Swedbank AB raised its holdings in Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after purchasing an additional 16,453,718 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Activity at Broadcom

In other news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated 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 transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several analyst reports. Rosenblatt Securities lowered their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Cantor Fitzgerald lifted their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. TD Cowen raised Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. The Goldman Sachs Group lifted their price objective on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, Truist Financial increased their target price on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $195.96.

Broadcom Price Performance

Shares of AVGO opened at $159.67 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The stock has a market capitalization of $745.75 billion, a P/E ratio of 138.72, a P/E/G ratio of 1.94 and a beta of 1.17. The company has a 50 day moving average of $173.72 and a 200-day moving average of $161.28.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. The firm’s revenue was up 47.3% on a year-over-year basis. As a group, equities research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.33%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 184.19%.

About Broadcom

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.