Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Cypress Capital Group

Cypress Capital Group grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 1,104.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,290 shares of the semiconductor manufacturer’s stock after purchasing an additional 46,113 shares during the quarter. Broadcom makes up 1.0% of Cypress Capital Group’s holdings, making the stock its 23rd biggest position. Cypress Capital Group’s holdings in Broadcom were worth $8,675,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of AVGO. Jennison Associates LLC boosted its stake in Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after purchasing an additional 32,178,542 shares during the last quarter. Swedbank AB boosted its position in Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after acquiring an additional 16,453,718 shares during the last quarter. Swiss National Bank grew its stake in Broadcom by 907.0% during the 3rd quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer’s stock valued at $2,264,223,000 after acquiring an additional 11,822,467 shares in the last quarter. Van ECK Associates Corp raised its holdings in Broadcom by 917.8% in the 3rd quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer’s stock valued at $2,203,837,000 after acquiring an additional 11,453,554 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in Broadcom by 855.4% in the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock worth $2,186,292,000 after purchasing an additional 11,347,563 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $164.23 on Friday. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The stock has a market capitalization of $767.05 billion, a PE ratio of 142.81, a PEG ratio of 1.93 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. The stock has a 50-day simple moving average of $173.70 and a 200-day simple moving average of $160.62.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during 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 firm’s quarterly revenue was up 47.3% on a year-over-year basis. On average, analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. 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 1.29%. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

Insiders Place Their Bets

In related news, insider Charlie B. Kawwas sold 25,200 shares of the business’s 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 in the company, valued at $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now directly owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 in the last ninety days. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVGO. JPMorgan Chase & Co. increased their price target on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. 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 upped their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. UBS Group lifted their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, Rosenblatt Securities dropped 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 note on Friday, September 6th. 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. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $192.79.

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.