Garner Asset Management Corp Acquires 548 Shares of Broadcom Inc. (NASDAQ:AVGO)

Garner Asset Management Corp boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 30.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,359 shares of the semiconductor manufacturer’s stock after buying an additional 548 shares during the period. Garner Asset Management Corp’s holdings in Broadcom were worth $407,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. raised its position in shares of Broadcom by 166.2% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer’s stock valued at $3,070,000 after purchasing an additional 1,446 shares during the period. Redwood Investment Management LLC acquired a new position in Broadcom in the 1st quarter valued at $1,015,000. Creekmur Asset Management LLC raised its holdings in Broadcom by 89.7% in the 1st quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock worth $98,000 after acquiring an additional 35 shares during the period. Montchanin Asset Management LLC bought a new stake in Broadcom during the first quarter valued at about $1,140,000. Finally, Kozak & Associates Inc. grew its position in shares of Broadcom by 11.7% in the first quarter. Kozak & Associates Inc. now owns 362 shares of the semiconductor manufacturer’s stock valued at $510,000 after purchasing an additional 38 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on AVGO shares. Mizuho boosted their price objective on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. JPMorgan Chase & Co. upped their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Morgan Stanley raised their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Benchmark reiterated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Finally, Rosenblatt Securities reduced their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $195.96.

Insider Activity at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The stock was 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 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 over the last 90 days. Insiders own 2.00% of the company’s stock.

Broadcom Trading Down 0.0 %

Shares of NASDAQ AVGO opened at $164.74 on Wednesday. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The company has a 50-day moving average of $173.76 and a two-hundred day moving average of $161.09. The company has a market cap of $769.43 billion, a PE ratio of 143.13, a P/E/G ratio of 1.93 and a beta of 1.17. 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 (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.95 EPS. As a group, equities analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend 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 dividend payout ratio is 184.19%.

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.