Bay Rivers Group Purchases 59,503 Shares of Broadcom Inc. (NASDAQ:AVGO)

Bay Rivers Group grew its position in Broadcom Inc. (NASDAQ:AVGO) by 895.1% during the third quarter, Holdings Channel.com reports. The firm owned 66,151 shares of the semiconductor manufacturer’s stock after acquiring an additional 59,503 shares during the period. Broadcom accounts for approximately 5.7% of Bay Rivers Group’s holdings, making the stock its 3rd largest position. Bay Rivers Group’s holdings in Broadcom were worth $11,411,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Castleview Partners LLC raised its stake in Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 134 shares in the last quarter. Delta Asset Management LLC TN raised its stake in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares in the last quarter. Tsfg LLC raised its stake in 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 acquiring an additional 204 shares in the last quarter. Krane Funds Advisors LLC acquired a new stake in Broadcom during the 3rd quarter worth $42,000. Finally, Redmont Wealth Advisors LLC increased its stake in Broadcom by 900.0% in the third quarter. Redmont Wealth Advisors LLC now owns 270 shares of the semiconductor manufacturer’s stock valued at $47,000 after purchasing an additional 243 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Charlie B. Kawwas sold 25,200 shares of the business’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 completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The trade was 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, insider Charlie B. Kawwas sold 25,200 shares of the company’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 transaction of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the transaction, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last 90 days. Insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $168.92 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a market cap of $788.95 billion, a P/E ratio of 146.76, a PEG ratio of 2.84 and a beta of 1.17. The company has a 50-day moving average of $168.94 and a two-hundred day moving average of $156.03. Broadcom Inc. has a 12-month low of $86.00 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its 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. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 earnings per share. As a group, research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 184.19%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. The Goldman Sachs Group lifted their price objective 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. Mizuho lifted their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Truist Financial lifted their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Finally, Morgan Stanley lifted 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. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $191.54.

Broadcom Company 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.