Appleton Partners Inc. MA decreased its position in Broadcom Inc (NASDAQ:AVGO) by 4.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,642 shares of the semiconductor manufacturer’s stock after selling 1,034 shares during the quarter. Appleton Partners Inc. MA’s holdings in Broadcom were worth $5,587,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Atria Investments LLC raised its stake in shares of Broadcom by 48.6% in the 3rd quarter. Atria Investments LLC now owns 6,588 shares of the semiconductor manufacturer’s stock valued at $1,626,000 after purchasing an additional 2,155 shares during the period. Boenning & Scattergood Inc. acquired a new stake in shares of Broadcom in the 3rd quarter valued at about $419,000. CHURCHILL MANAGEMENT Corp increased its position in shares of Broadcom by 6.6% in the third quarter. CHURCHILL MANAGEMENT Corp now owns 28,271 shares of the semiconductor manufacturer’s stock valued at $6,975,000 after acquiring an additional 1,755 shares during the last quarter. Benson Investment Management Company Inc. acquired a new stake in shares of Broadcom in the third quarter valued at about $2,730,000. Finally, Triangle Securities Wealth Management increased its position in shares of Broadcom by 12.7% in the third quarter. Triangle Securities Wealth Management now owns 2,914 shares of the semiconductor manufacturer’s stock valued at $719,000 after acquiring an additional 328 shares during the last quarter. 88.01% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:AVGO traded up $2.58 during trading on Tuesday, reaching $243.95. 295,006 shares of the stock were exchanged, compared to its average volume of 4,288,946. Broadcom Inc has a 12 month low of $197.46 and a 12 month high of $285.68. The stock has a market cap of $102.01 billion, a PE ratio of 17.06, a P/E/G ratio of 1.02 and a beta of 0.89. The company has a quick ratio of 3.42, a current ratio of 3.98 and a debt-to-equity ratio of 0.64.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Wednesday, September 19th were issued a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend was Tuesday, September 18th. Broadcom’s dividend payout ratio is presently 48.95%.
In other news, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $202.08, for a total transaction of $4,041,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 81,194 shares of company stock valued at $18,118,745. Corporate insiders own 3.30% of the company’s stock.
A number of research firms recently issued reports on AVGO. Mizuho reaffirmed a “buy” rating on shares of Broadcom in a research report on Friday. Piper Jaffray Companies set a $293.00 target price on Broadcom and gave the company a “buy” rating in a research report on Tuesday, September 25th. BidaskClub raised Broadcom from a “hold” rating to a “buy” rating in a research report on Friday, September 21st. Nomura raised Broadcom from a “neutral” rating to a “buy” rating and lifted their target price for the company from $225.00 to $300.00 in a research report on Monday, September 17th. Finally, Zacks Investment Research raised Broadcom from a “hold” rating to a “buy” rating and set a $260.00 target price on the stock in a research report on Tuesday, September 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirty-one have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $290.77.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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