Healthcare of Ontario Pension Plan Trust Fund Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2,476.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,870,958 shares of the semiconductor manufacturer’s stock after buying an additional 1,798,340 shares during the quarter. Broadcom accounts for 0.8% of Healthcare of Ontario Pension Plan Trust Fund’s investment portfolio, making the stock its 26th largest holding. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Broadcom were worth $322,740,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Castleview Partners LLC lifted its position in shares of Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 134 shares during the period. Tsfg LLC raised its stake in shares of Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after buying an additional 204 shares during the last quarter. Cedar Wealth Management LLC boosted its position in shares of Broadcom by 900.0% in the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock worth $41,000 after buying an additional 216 shares in the last quarter. Krane Funds Advisors LLC purchased a new position in Broadcom during the 3rd quarter valued at about $42,000. Finally, Highline Wealth Partners LLC acquired a new position in Broadcom during the third quarter worth about $45,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several research reports. Benchmark restated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. JPMorgan Chase & Co. upped their price objective on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. 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 report on Friday, September 6th. Morgan Stanley upped their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, Cantor Fitzgerald lifted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Two research 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $195.96.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $159.67 on Friday. The company has a market cap of $745.75 billion, a P/E ratio of 138.84, a PEG 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 Inc. has a one year low of $90.31 and a one year high of $186.42. The business’s 50-day simple moving average is $173.57 and its 200 day simple moving average is $161.49.

Broadcom (NASDAQ:AVGO) last announced its 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. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% on a year-over-year basis. During the same period last year, the business posted $0.95 EPS. On average, sell-side analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 184.35%.

Insider Buying and Selling at Broadcom

In other Broadcom news, 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 completion of the sale, the director now owns 34,750 shares in the company, valued at $6,064,917.50. This trade represents a 2.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm’s 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 sale, the insider now owns 753,280 shares of the company’s stock, 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 90 days. 2.00% of the stock is owned by corporate insiders.

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.