Connor Clark & Lunn Investment Management Ltd. Acquires 397,945 Shares of Broadcom Inc. (NASDAQ:AVGO)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 243.4% in the third quarter, HoldingsChannel.com reports. The fund owned 561,442 shares of the semiconductor manufacturer’s stock after buying an additional 397,945 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Broadcom were worth $96,849,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Clear Point Advisors Inc. increased its holdings in Broadcom by 310.0% in the 1st quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer’s stock valued at $54,000 after acquiring an additional 31 shares during the last quarter. Indiana Trust & Investment Management CO increased its holdings in shares of Broadcom by 39.5% in the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock worth $85,000 after purchasing an additional 15 shares during the last quarter. Creekmur Asset Management LLC increased its holdings in shares of Broadcom by 89.7% in the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock worth $98,000 after purchasing an additional 35 shares during the last quarter. Kiely Wealth Advisory Group Inc. bought a new position in Broadcom during the second quarter valued at approximately $128,000. Finally, Mark Sheptoff Financial Planning LLC purchased a new position in Broadcom during the 2nd quarter valued at approximately $136,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on AVGO shares. Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. William Blair assumed coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Benchmark restated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. JPMorgan Chase & Co. lifted their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, The Goldman Sachs Group upped their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $192.79.

Broadcom Trading Up 0.2 %

NASDAQ:AVGO opened at $164.23 on Friday. The firm has a 50-day simple moving average of $173.70 and a 200-day simple moving average of $160.62. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The firm has a market cap of $767.05 billion, a P/E ratio of 142.68, a P/E/G ratio of 1.94 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 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 the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.95 earnings per share. Equities analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal 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. This represents a $2.12 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 184.19%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction on 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 sale, the insider now owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. This represents a 4.73 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

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.