Capital Market Strategies LLC owns $1.37 million in Broadcom Inc shares. (NASDAQ:AVGO)

Capital Market Strategies LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 976.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 7,942 shares of the semiconductor maker’s stock after acquiring an additional 7,204 shares during the period. Broadcom comprises about 0.8% of Capital Market Strategies LLC’s investment portfolio, making the stock its 26th biggest holding. Capital Market Strategies LLC’s holdings in Broadcom were worth $1,370,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of AVGO. AXA SA raised its stake in Broadcom by 2.7% in the second quarter. AXA SA now owns 291,078 shares of the semiconductor maker’s stock worth $467,334,000 after purchasing an additional 7,608 shares in the last quarter. Ensign Peak Advisors Inc boosted its holdings in shares of Broadcom by 19.1% during the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after acquiring an additional 84,196 shares during the period. Shellback Capital LP purchased a new position in Broadcom during the second quarter valued at approximately $60,368,000. NewEdge Advisors LLC increased its position in Broadcom by 13.7% during the 2nd quarter. NewEdge Advisors LLC now owns 95,011 shares of the semiconductor maker’s stock worth $152,542,000 after buying an additional 11,422 shares during the last quarter . Finally, DigitalBridge Group Inc. acquired a new position in Broadcom in the second quarter valued at about $17,658,000. 76.43% of shares are held by institutional investors.

Analyst upgrades and downgrades

A number of equities research analysts have recently commented on the stock. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Rosenblatt Securities reduced their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Benchmark reiterated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Finally, Piper Sandler lifted their price target on shares of Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. Two investment 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. The company currently has an average rating of “Moderate Buy” and a consensus price target of $189.23, according to MarketBeat.com.

Read the latest research report on Broadcom

Insiders place their bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC’s website. In other news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the company’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 owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 243,452 shares of company stock worth $52,950,238. 2.00% of shares are owned by corporate insiders.

Broadcom Stock Performance

Shares of AVGO opened at $171.89 on Friday. Broadcom Inc. has a 12-month low of $81.17 and a 12-month high of $185.16. The firm has a market cap of $800.13 billion, a price-to-earnings ratio of 7.39, a PEG ratio of 2.78 and a beta of 1.17. The company has a fifty day simple moving average of $159.14 and a two hundred day simple moving average of $149.44. 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 (NASDAQ:AVGO – Get Your Free Report ) last released its quarterly earnings data on Thursday, September 5th. The semiconductor maker 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 the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s quarterly revenue was up 47.3% year over year. In the same period last year, the company posted earnings of $0.95 per share. Analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom raises dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents an annualized dividend of $2.12 and a dividend yield of 1.23%. The ex-dividend date was Thursday, September 19. Broadcom’s payout ratio is currently 9.12%.

Broadcom Company Profile

(Free report)

Broadcom Inc designs, develops and supplies various semiconductor devices with a focus on complex and mixed-signal complementary metal oxide semiconductor devices and III-V analog products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.

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