Zurcher Kantonalbank Zurich Cantonalbank Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 977.5% in the third quarter, HoldingsChannel.com reports. The fund owned 3,069,312 shares of the semiconductor manufacturer’s stock after buying an additional 2,784,463 shares during the quarter. Broadcom accounts for 1.6% of Zurcher Kantonalbank Zurich Cantonalbank’s portfolio, making the stock its 9th biggest position. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Broadcom were worth $529,456,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in AVGO. Jacobs Levy Equity Management Inc. lifted its position in Broadcom by 166.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer’s stock valued at $3,070,000 after purchasing an additional 1,446 shares during the last quarter. Soltis Investment Advisors LLC boosted its position in shares of Broadcom by 7.4% during the first quarter. Soltis Investment Advisors LLC now owns 521 shares of the semiconductor manufacturer’s stock worth $690,000 after buying an additional 36 shares during the period. Cypress Asset Management Inc. TX boosted its position in shares of Broadcom by 26.1% during the first quarter. Cypress Asset Management Inc. TX now owns 6,190 shares of the semiconductor manufacturer’s stock worth $8,345,000 after buying an additional 1,282 shares during the period. American Trust increased its position in Broadcom by 9.8% in the 1st quarter. American Trust now owns 495 shares of the semiconductor manufacturer’s stock valued at $656,000 after acquiring an additional 44 shares during the period. Finally, Jackson Wealth Management LLC increased its position in Broadcom by 2.2% in the 1st quarter. Jackson Wealth Management LLC now owns 18,312 shares of the semiconductor manufacturer’s stock valued at $24,271,000 after acquiring an additional 386 shares during the period. 76.43% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Gayla J. Delly sold 750 shares of the business’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 value of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. The trade was a 2.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred on 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 transaction, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 in the last three months. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

AVGO stock opened at $159.67 on Friday. The firm has a 50 day simple moving average of $173.57 and a 200 day simple moving average of $161.49. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. The stock has a market cap of $745.75 billion, a P/E ratio of 138.84, a P/E/G ratio of 1.94 and a beta of 1.17. 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 quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS 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 analysts’ expectations of $12.98 billion. During the same period in the previous year, the company posted $0.95 EPS. Broadcom’s revenue was up 47.3% on a year-over-year basis. Research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. 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 1.33%. Broadcom’s dividend payout ratio (DPR) is 184.35%.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent analyst reports. Rosenblatt Securities decreased their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Truist Financial increased their target price 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. Cantor Fitzgerald boosted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Mizuho raised their price objective on shares of 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $195.96.

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.