Pinnacle Financial Partners Inc Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Pinnacle Financial Partners Inc grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,049.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,764 shares of the semiconductor manufacturer’s stock after buying an additional 17,131 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Broadcom were worth $3,237,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hartline Investment Corp boosted its stake in Broadcom by 901.1% during the 3rd quarter. Hartline Investment Corp now owns 3,754 shares of the semiconductor manufacturer’s stock valued at $648,000 after purchasing an additional 3,379 shares during the last quarter. Mengis Capital Management Inc. boosted its position in shares of Broadcom by 1,326.5% during the third quarter. Mengis Capital Management Inc. now owns 2,154 shares of the semiconductor manufacturer’s stock valued at $372,000 after buying an additional 2,003 shares during the last quarter. Rossmore Private Capital increased its holdings in Broadcom by 897.4% in the 3rd quarter. Rossmore Private Capital now owns 48,164 shares of the semiconductor manufacturer’s stock worth $8,308,000 after buying an additional 43,335 shares in the last quarter. Simmons Bank raised its position in Broadcom by 877.4% in the 3rd quarter. Simmons Bank now owns 16,410 shares of the semiconductor manufacturer’s stock worth $2,831,000 after buying an additional 14,731 shares during the last quarter. Finally, Chase Investment Counsel Corp lifted its stake in Broadcom by 729.7% during the 3rd quarter. Chase Investment Counsel Corp now owns 30,325 shares of the semiconductor manufacturer’s stock valued at $5,231,000 after acquiring an additional 26,670 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was 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 in the company, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Down 3.3 %

NASDAQ AVGO opened at $164.84 on Friday. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a market cap of $769.90 billion, a PE ratio of 143.34, a P/E/G ratio of 2.04 and a beta of 1.17. The stock’s 50 day moving average is $172.84 and its 200 day moving average is $159.35.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. Research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AVGO. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Benchmark reiterated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Cantor Fitzgerald increased their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. UBS Group lifted their price objective on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, Rosenblatt Securities lowered their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

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.