Townsquare Capital LLC Acquires 135,122 Shares of Broadcom Inc. (NASDAQ:AVGO)

Townsquare Capital LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,299.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 145,517 shares of the semiconductor manufacturer’s stock after acquiring an additional 135,122 shares during the period. Townsquare Capital LLC’s holdings in Broadcom were worth $25,102,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in AVGO. NCP Inc. boosted its stake in Broadcom by 1,555.9% during the 3rd quarter. NCP Inc. now owns 7,700 shares of the semiconductor manufacturer’s stock valued at $1,328,000 after purchasing an additional 7,235 shares during the last quarter. Baldwin Investment Management LLC lifted its holdings in shares of Broadcom by 889.0% in the third quarter. Baldwin Investment Management LLC now owns 81,378 shares of the semiconductor manufacturer’s stock valued at $14,038,000 after purchasing an additional 73,150 shares in the last quarter. Cadence Bank boosted its position in shares of Broadcom by 857.2% during the third quarter. Cadence Bank now owns 256,196 shares of the semiconductor manufacturer’s stock valued at $44,194,000 after buying an additional 229,432 shares during the last quarter. Carlson Capital Management boosted its position in shares of Broadcom by 957.9% during the third quarter. Carlson Capital Management now owns 6,982 shares of the semiconductor manufacturer’s stock valued at $1,204,000 after buying an additional 6,322 shares during the last quarter. Finally, CKW Financial Group raised its position in Broadcom by 971.4% in the 3rd quarter. CKW Financial Group now owns 300 shares of the semiconductor manufacturer’s stock valued at $50,000 after buying an additional 272 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AVGO shares. UBS Group lifted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Cantor Fitzgerald boosted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Benchmark reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Truist Financial lifted their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Morgan Stanley upped their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $195.96.

Broadcom Trading Down 3.1 %

Shares of AVGO stock opened at $159.67 on Thursday. The stock has a market capitalization of $745.75 billion, a price-to-earnings ratio of 138.72, a PEG ratio of 1.94 and a beta of 1.17. The company’s fifty day simple moving average is $173.72 and its two-hundred day simple moving average is $161.28. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the company posted $0.95 EPS. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current 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 issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.33%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 184.19%.

Insider Activity

In related news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the transaction, the insider now owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their ownership of the stock. 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 company insiders.

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.