Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Meyer Handelman Co.

Meyer Handelman Co. lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 904.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,014 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,714 shares during the period. Meyer Handelman Co.’s holdings in Broadcom were worth $520,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. American Trust increased its stake in shares of Broadcom by 2.3% in the fourth quarter. American Trust now owns 451 shares of the semiconductor manufacturer’s stock worth $503,000 after acquiring an additional 10 shares during the period. WNY Asset Management LLC boosted its position in Broadcom by 15.9% during the fourth quarter. WNY Asset Management LLC now owns 299 shares of the semiconductor manufacturer’s stock worth $334,000 after purchasing an additional 41 shares in the last quarter. Beacon Financial Group grew its holdings in Broadcom by 46.3% in the fourth quarter. Beacon Financial Group now owns 683 shares of the semiconductor manufacturer’s stock valued at $762,000 after purchasing an additional 216 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in shares of Broadcom by 27.9% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 143,264 shares of the semiconductor manufacturer’s stock valued at $159,918,000 after buying an additional 31,244 shares in the last quarter. Finally, Syon Capital LLC lifted its position in shares of Broadcom by 21.9% during the 4th quarter. Syon Capital LLC now owns 4,722 shares of the semiconductor manufacturer’s stock valued at $5,271,000 after buying an additional 847 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on AVGO shares. UBS Group cut their price target on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a report on Monday, September 9th. Morgan Stanley raised their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. boosted their price objective on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Oppenheimer decreased their target price on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. Finally, William Blair assumed coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $190.29.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction 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 approximately $217,594,136.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 295,130 shares of company stock valued at $50,646,622 over the last quarter. 2.00% of the stock is owned by company insiders.

Broadcom Price Performance

NASDAQ:AVGO opened at $181.48 on Friday. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $186.42. The stock’s fifty day moving average is $162.91 and its two-hundred day moving average is $151.64. The company has a market capitalization of $847.62 billion, a P/E ratio of 157.67, a P/E/G ratio of 2.99 and a beta of 1.17. 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 (NASDAQ:AVGO) last issued its quarterly earnings data 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. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 EPS. Equities analysts expect 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. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 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.