Principal Street Partners LLC Acquires 2,586 Shares of Broadcom Inc. (NASDAQ:AVGO)

Principal Street Partners LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 36.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,732 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,586 shares during the period. Principal Street Partners LLC’s holdings in Broadcom were worth $1,679,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AVGO. Lion Street Advisors LLC grew its position in Broadcom by 1.9% in the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock valued at $520,000 after acquiring an additional 6 shares during the last quarter. Optimum Investment Advisors grew its position in Broadcom by 0.6% in the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock valued at $2,262,000 after acquiring an additional 8 shares during the last quarter. Anderson Hoagland & Co. grew its position in Broadcom by 0.3% in the 2nd quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer’s stock valued at $4,623,000 after acquiring an additional 9 shares during the last quarter. Wealth Group Ltd grew its position in Broadcom by 6.0% in the 2nd quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock valued at $283,000 after acquiring an additional 10 shares during the last quarter. Finally, Canandaigua National Bank & Trust Co. grew its position in Broadcom by 1.4% in the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer’s stock valued at $1,161,000 after acquiring an additional 10 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $159.67 on Thursday. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The company has a market cap of $745.75 billion, a PE ratio of 138.72, a P/E/G ratio of 1.94 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The business has a 50-day simple moving average of $173.72 and a two-hundred day simple moving average of $161.28.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period last year, the business posted $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, equities analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.33%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Insider Activity at Broadcom

In related news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. This trade represents a 2.11 % 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 this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % 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 corporate insiders.

Analyst Ratings Changes

Several brokerages have commented on AVGO. Benchmark reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Rosenblatt Securities lowered their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Morgan Stanley upped their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, Mizuho upped their target price on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Two research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $195.96.

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.