Encompass More Asset Management Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Encompass More Asset Management acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 3,202 shares of the semiconductor manufacturer’s stock, valued at approximately $552,000.

Several other hedge funds also recently modified their holdings of AVGO. FMR LLC increased its stake in shares of Broadcom by 1,121.3% in the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after acquiring an additional 82,998,328 shares in the last quarter. Jennison Associates LLC increased its stake in Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Broadcom by 975.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after purchasing an additional 30,674,902 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Broadcom by 962.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock valued at $5,519,591,000 after purchasing an additional 28,985,434 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in Broadcom by 938.8% during the 3rd quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer’s stock valued at $4,040,430,000 after purchasing an additional 21,168,095 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the transaction, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. The trade was a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 transaction of $4,240,404.00. Following the completion of the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock valued at $53,540,590 over the last three months. 2.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on AVGO shares. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Rosenblatt Securities decreased their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Benchmark restated a “buy” rating and set a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Mizuho boosted their price target 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. Finally, Cantor Fitzgerald lifted their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $195.96.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $162.08 on Friday. The company’s 50-day moving average is $173.39 and its 200 day moving average is $161.69. 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 $757.01 billion, a P/E ratio of 140.82, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for 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%. The company’s revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.95 earnings per share. On average, equities research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.31%. Broadcom’s dividend payout ratio is 184.19%.

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.