Creekside Partners Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Creekside Partners increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 838.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,421 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,163 shares during the quarter. Creekside Partners’ holdings in Broadcom were worth $418,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jennison Associates LLC increased its position 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 buying an additional 32,178,542 shares during the period. Swedbank AB increased 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 acquiring an additional 16,453,718 shares during the period. Swiss National Bank lifted its stake in Broadcom by 907.0% in the 3rd quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer’s stock worth $2,264,223,000 after purchasing an additional 11,822,467 shares in the last quarter. Van ECK Associates Corp boosted 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 purchasing an additional 11,453,554 shares during the period. Finally, Raymond James & Associates grew its position in shares of Broadcom by 855.4% during the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock valued at $2,186,292,000 after purchasing an additional 11,347,563 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Charlie B. Kawwas sold 25,200 shares of the firm’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 value of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AVGO. Cantor Fitzgerald increased their price objective on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. William Blair assumed coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Mizuho upped their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group raised their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Benchmark reissued a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $192.79.

Broadcom Stock Up 0.2 %

Shares of NASDAQ:AVGO opened at $164.23 on Friday. The stock’s 50-day moving average is $173.70 and its 200 day moving average is $160.62. The company has a market cap of $767.05 billion, a PE ratio of 142.81, a P/E/G ratio of 1.93 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm 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 firm earned $0.95 earnings per share. The business’s revenue was up 47.3% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

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.