Payden & Rygel Has $22.86 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Payden & Rygel grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 732.8% in the third quarter, Holdings Channel reports. The institutional investor owned 132,500 shares of the semiconductor manufacturer’s stock after purchasing an additional 116,590 shares during the period. Broadcom accounts for approximately 1.8% of Payden & Rygel’s holdings, making the stock its 13th biggest position. Payden & Rygel’s holdings in Broadcom were worth $22,856,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in AVGO. Jennison Associates LLC grew its stake in shares of Broadcom by 842.4% in the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares during the period. Swedbank AB grew its holdings in shares of Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after purchasing an additional 16,453,718 shares during the last quarter. Swiss National Bank grew its holdings in shares of Broadcom by 907.0% in the 3rd quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer’s stock worth $2,264,223,000 after purchasing an additional 11,822,467 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Broadcom by 917.8% during the 3rd quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer’s stock valued at $2,203,837,000 after purchasing an additional 11,453,554 shares during the last quarter. Finally, Raymond James & Associates grew its stake in Broadcom by 855.4% during the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock worth $2,186,292,000 after buying an additional 11,347,563 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other 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 transaction of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was 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 owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 311,080 shares of company stock worth $53,540,590. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Up 0.2 %

Broadcom stock opened at $164.23 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company’s 50-day moving average is $173.70 and its 200-day moving average is $160.62. The firm has a market capitalization of $767.05 billion, a PE ratio of 142.81, a P/E/G ratio of 1.93 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS 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 firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The company’s quarterly revenue was up 47.3% on a year-over-year basis. Sell-side analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. Broadcom’s dividend payout ratio is presently 184.35%.

Analyst Ratings Changes

A number of research firms have recently issued reports on AVGO. Rosenblatt Securities cut their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Benchmark reissued a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. William Blair assumed coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Morgan Stanley lifted their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $192.79.

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.