Park National Corp OH raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 857.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 10,938 shares of the semiconductor manufacturer's stock after purchasing an additional 9,795 shares during the period. Park National Corp OH's holdings in Broadcom were worth $1,887,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Swedbank AB purchased a new position in Broadcom during the 1st quarter valued at about $2,835,737,000. Vanguard Group Inc. grew its position in shares of Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer's stock valued at $59,181,244,000 after purchasing an additional 1,303,462 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Broadcom by 43.9% during the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer's stock worth $5,488,556,000 after purchasing an additional 1,263,957 shares in the last quarter. GQG Partners LLC raised its position in shares of Broadcom by 48.9% during the 1st quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer's stock worth $3,966,730,000 after purchasing an additional 983,328 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Broadcom by 54.0% during the 1st quarter. Van ECK Associates Corp now owns 1,282,919 shares of the semiconductor manufacturer's stock worth $1,700,394,000 after purchasing an additional 449,791 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares of the company's stock, valued at $235,746,936.45. 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 7,502 shares of the company's stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares of the company's stock, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 50,000 shares of the firm'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 sale, the chief executive officer now owns 1,331,910 shares of the company's stock, valued at $217,594,136.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 243,452 shares of company stock worth $52,950,238. 2.00% of the stock is currently owned by company insiders.
Several research firms have weighed in on AVGO. Bank of America reissued a "buy" rating and set a $215.00 price target (up previously from $200.00) on shares of Broadcom in a research report on Monday, June 24th. Citigroup reiterated a "buy" rating and set a $156.00 price objective on shares of Broadcom in a research report on Tuesday, June 11th. Mizuho upped their target price on shares of Broadcom from $162.50 to $190.00 and gave the company a "buy" rating in a report on Thursday, June 13th. Jefferies Financial Group lifted their price target on shares of Broadcom from $155.00 to $205.00 and gave the stock a "buy" rating in a report on Thursday, June 13th. Finally, Morgan Stanley upped their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $189.23.
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Shares of AVGO stock opened at $171.89 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a fifty-two week low of $81.17 and a fifty-two week high of $185.16. The firm's 50 day moving average price is $159.14 and its two-hundred day moving average price is $149.44. The stock has a market cap of $800.13 billion, a price-to-earnings ratio of 7.39, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the previous year, the business posted $0.95 EPS. The business's quarterly revenue was up 47.3% on a year-over-year basis. On average, analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.23%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio (DPR) is 9.12%.
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.
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