Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Castle Hook Partners LP

Castle Hook Partners LP boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 874.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 335,158 shares of the semiconductor manufacturer’s stock after buying an additional 300,746 shares during the quarter. Broadcom makes up 1.1% of Castle Hook Partners LP’s holdings, making the stock its 17th biggest position. Castle Hook Partners LP’s holdings in Broadcom were worth $57,815,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Indiana Trust & Investment Management CO lifted its holdings in Broadcom by 39.5% during the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock valued at $85,000 after purchasing an additional 15 shares in the last quarter. Kiely Wealth Advisory Group Inc. purchased a new position in Broadcom during the second quarter valued at $128,000. Mark Sheptoff Financial Planning LLC purchased a new position in Broadcom during the second quarter valued at $136,000. Bank & Trust Co purchased a new position in Broadcom during the second quarter valued at $153,000. Finally, American Capital Advisory LLC purchased a new position in Broadcom during the second quarter valued at $169,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $159.67 on Friday. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The stock has a market cap of $745.75 billion, a PE ratio of 138.84, a P/E/G ratio of 1.94 and a beta of 1.17. The firm has a 50-day simple moving average of $173.57 and a two-hundred day simple moving average of $161.49. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business 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 earned $0.95 earnings per share. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. As a group, analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm 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. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.33%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 184.35%.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on AVGO. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Mizuho increased their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. William Blair began coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Finally, The Goldman Sachs Group raised their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.