Syntax Research Inc. Purchases 6,197 Shares of Broadcom Inc. (NASDAQ:AVGO)

Syntax Research Inc. grew its position in Broadcom Inc. (NASDAQ:AVGO) by 882.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 6,899 shares of the semiconductor manufacturer’s stock after purchasing an additional 6,197 shares during the period. Syntax Research Inc.’s holdings in Broadcom were worth $1,190,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in AVGO. NCP Inc. grew its stake in shares of Broadcom by 615.4% during the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after purchasing an additional 400 shares during the period. Courier Capital LLC grew its position in shares of Broadcom by 18.9% during the 2nd quarter. Courier Capital LLC now owns 680 shares of the semiconductor manufacturer’s stock worth $1,092,000 after buying an additional 108 shares during the period. Harbour Trust & Investment Management Co acquired a new position in shares of Broadcom during the 2nd quarter worth about $225,000. Proffitt & Goodson Inc. raised its position in shares of Broadcom by 30,000.0% in the 2nd quarter. Proffitt & Goodson Inc. now owns 602 shares of the semiconductor manufacturer’s stock valued at $967,000 after acquiring an additional 600 shares during the period. Finally, Oak Family Advisors LLC bought a new position in Broadcom during the 2nd quarter worth approximately $576,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 3.9 %

AVGO stock opened at $240.23 on Wednesday. Broadcom Inc. has a 52 week low of $104.15 and a 52 week high of $251.88. The company has a market capitalization of $1.12 trillion, a PE ratio of 195.31, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13. The company’s 50-day simple moving average is $177.30 and its 200 day simple moving average is $165.89. 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 released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s quarterly revenue was up 51.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.98 earnings per share. As a group, sell-side analysts anticipate that Broadcom Inc. will post 3.79 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd will be given a $0.59 dividend. The ex-dividend date of this dividend is Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 0.98%. Broadcom’s payout ratio is presently 191.87%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. This trade represents a 11.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated 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. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 261,080 shares of company stock valued at $45,372,090. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent analyst reports. Jefferies Financial Group upped their target price on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. William Blair started coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. Susquehanna lifted their target price on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Barclays increased their price target on Broadcom from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Monday. Finally, The Goldman Sachs Group lifted their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $220.54.

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.