Guinness Asset Management LTD Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Guinness Asset Management LTD lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 937.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,331,971 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,203,544 shares during the quarter. Broadcom accounts for approximately 4.4% of Guinness Asset Management LTD’s investment portfolio, making the stock its 3rd biggest holding. Guinness Asset Management LTD’s holdings in Broadcom were worth $229,755,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Perfromance Wealth Partners LLC raised its position in Broadcom by 62,269.2% during the third quarter. Perfromance Wealth Partners LLC now owns 141,578 shares of the semiconductor manufacturer’s stock worth $24,422,000 after acquiring an additional 141,351 shares in the last quarter. Avity Investment Management Inc. raised its position in Broadcom by 900.0% during the third quarter. Avity Investment Management Inc. now owns 2,290 shares of the semiconductor manufacturer’s stock worth $395,000 after acquiring an additional 2,061 shares in the last quarter. Octavia Wealth Advisors LLC raised its position in Broadcom by 898.9% during the third quarter. Octavia Wealth Advisors LLC now owns 9,510 shares of the semiconductor manufacturer’s stock worth $1,641,000 after acquiring an additional 8,558 shares in the last quarter. Next Level Private LLC raised its position in Broadcom by 909.9% during the third quarter. Next Level Private LLC now owns 8,796 shares of the semiconductor manufacturer’s stock worth $1,517,000 after acquiring an additional 7,925 shares in the last quarter. Finally, Paragon Capital Management Ltd raised its position in Broadcom by 614.4% during the third quarter. Paragon Capital Management Ltd now owns 5,637 shares of the semiconductor manufacturer’s stock worth $972,000 after acquiring an additional 4,848 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $181.48 on Friday. The firm has a market capitalization of $847.62 billion, a PE ratio of 157.67, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The firm has a fifty day simple moving average of $162.91 and a two-hundred day simple moving average of $151.64. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12 month low of $81.83 and a 12 month high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the previous year, the business posted $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. Analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is 184.19%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AVGO. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Oppenheimer decreased their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Cantor Fitzgerald upped their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. UBS Group decreased their price target on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research note on Monday, September 9th. Finally, Rosenblatt Securities decreased their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $190.29.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated 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 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 295,130 shares of company stock valued at $50,646,622. 2.00% of the stock is owned by 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.