ING Groep NV Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

ING Groep NV boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,024.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,865,578 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,610,835 shares during the period. Broadcom accounts for approximately 2.9% of ING Groep NV’s portfolio, making the stock its 7th biggest position. ING Groep NV’s holdings in Broadcom were worth $494,312,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Castleview Partners LLC lifted its holdings in shares of Broadcom by 1,030.8% in the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 134 shares in the last quarter. Delta Asset Management LLC TN lifted its holdings in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares in the last quarter. Tsfg LLC lifted its holdings in shares of Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 204 shares in the last quarter. Krane Funds Advisors LLC bought a new stake in shares of Broadcom in the third quarter valued at about $42,000. Finally, Highline Wealth Partners LLC bought a new stake in shares of Broadcom in the third quarter valued at about $45,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Trading Down 3.3 %

Shares of NASDAQ:AVGO opened at $164.84 on Monday. The company has a market capitalization of $769.90 billion, a P/E ratio of 143.21, a P/E/G ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The business’s 50 day simple moving average is $172.84 and its 200 day simple moving average is $159.35.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm 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% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 EPS. On average, research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. 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 currently 184.19%.

Insider Buying and Selling at Broadcom

In other Broadcom 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 value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. Truist Financial upped their target price on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Benchmark reiterated a “buy” rating and set a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. JPMorgan Chase & Co. upped their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Finally, Mizuho upped their target price on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Two investment 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $192.79.

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.