StoneX Group Inc. Invests $5.33 Million in Broadcom Inc. (NASDAQ:AVGO)

StoneX Group Inc. acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 30,906 shares of the semiconductor manufacturer’s stock, valued at approximately $5,331,000.

Several other institutional investors have also recently added to or reduced their stakes in AVGO. WESPAC Advisors LLC grew its holdings in shares of Broadcom by 947.1% during the third quarter. WESPAC Advisors LLC now owns 6,272 shares of the semiconductor manufacturer’s stock worth $1,082,000 after buying an additional 5,673 shares in the last quarter. Lane & Associates LLC purchased a new stake in Broadcom in the 3rd quarter worth approximately $230,000. Truepoint Inc. grew its stake in Broadcom by 1,684.0% in the 3rd quarter. Truepoint Inc. now owns 3,782 shares of the semiconductor manufacturer’s stock worth $652,000 after acquiring an additional 3,570 shares during the period. Pitcairn Co. lifted its stake in shares of Broadcom by 807.8% during the 3rd quarter. Pitcairn Co. now owns 99,133 shares of the semiconductor manufacturer’s stock worth $17,100,000 after purchasing an additional 88,213 shares during the period. Finally, KKM Financial LLC boosted its holdings in shares of Broadcom by 899.4% during the third quarter. KKM Financial LLC now owns 8,155 shares of the semiconductor manufacturer’s stock worth $1,407,000 after purchasing an additional 7,339 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent analyst reports. Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. UBS Group increased their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. The Goldman Sachs Group boosted their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, Cantor Fitzgerald upped their price objective on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $195.96.

Broadcom Trading Up 0.4 %

NASDAQ:AVGO opened at $164.82 on Tuesday. The stock has a market cap of $769.80 billion, a price-to-earnings ratio of 143.20, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. 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’s 50-day simple moving average is $173.72 and its 200 day simple moving average is $160.86.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the prior year, the company posted $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. As a group, sell-side analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Insider Buying and Selling at Broadcom

In related news, 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. This represents a 3.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the transaction, the insider now owns 380,560 shares in the company, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company’s stock.

Broadcom Profile

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.