Renaissance Investment Group LLC Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

Renaissance Investment Group LLC increased its position in Broadcom Inc. (NASDAQ:AVGO) by 851.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 120,969 shares of the semiconductor manufacturer’s stock after purchasing an additional 108,251 shares during the quarter. Broadcom makes up 4.3% of Renaissance Investment Group LLC’s holdings, making the stock its 3rd largest position. Renaissance Investment Group LLC’s holdings in Broadcom were worth $20,867,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Lion Street Advisors LLC raised its stake in Broadcom by 1.9% during the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after buying an additional 6 shares during the last quarter. Tucker Asset Management LLC grew its holdings in Broadcom by 12.5% in the fourth quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after purchasing an additional 8 shares during the period. Buckley Wealth Management LLC grew its holdings in Broadcom by 0.7% in the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock worth $1,529,000 after purchasing an additional 8 shares during the period. Legend Financial Advisors Inc. grew its holdings in Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the period. Finally, Ascent Wealth Partners LLC grew its holdings in Broadcom by 0.3% in the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock worth $3,929,000 after purchasing an additional 8 shares during the period. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on AVGO shares. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Benchmark restated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Rosenblatt Securities reduced their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. William Blair initiated coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Two 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 company’s stock. According to MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $190.29.

Broadcom Stock Down 2.3 %

AVGO stock opened at $181.48 on Friday. 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 company has a market capitalization of $847.62 billion, a price-to-earnings ratio of 157.67, a PEG ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $81.83 and a fifty-two week high of $186.42. The stock has a fifty day moving average of $162.91 and a 200-day moving average of $151.64.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping 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 business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the company earned $0.95 EPS. The firm’s revenue was up 47.3% compared to the same quarter last year. As a group, equities research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced 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 was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.17%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Hock E. Tan sold 50,000 shares of Broadcom 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 completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 10,000 shares of Broadcom stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $167.14, for a total value of $1,671,400.00. Following the sale, the chief executive officer now owns 1,171,910 shares of the company’s stock, valued at approximately $195,873,037.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 295,130 shares of company stock worth $50,646,622 in the last quarter. 2.00% of the stock is owned by company insiders.

Broadcom Profile

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.