Aragon Global Management LP Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Aragon Global Management LP grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 28,600 shares of the semiconductor manufacturer’s stock after acquiring an additional 25,740 shares during the period. Broadcom comprises about 2.1% of Aragon Global Management LP’s holdings, making the stock its 11th largest holding. Aragon Global Management LP’s holdings in Broadcom were worth $4,934,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Circle Wealth Management LLC lifted its position in Broadcom by 1,193.5% during the third quarter. Circle Wealth Management LLC now owns 14,823 shares of the semiconductor manufacturer’s stock valued at $2,557,000 after buying an additional 13,677 shares during the period. White Knight Strategic Wealth Advisors LLC increased its stake in shares of Broadcom by 900.0% in the 3rd quarter. White Knight Strategic Wealth Advisors LLC now owns 3,820 shares of the semiconductor manufacturer’s stock worth $659,000 after acquiring an additional 3,438 shares in the last quarter. Fred Alger Management LLC lifted its position in Broadcom by 1,254.3% during the 3rd quarter. Fred Alger Management LLC now owns 3,059,770 shares of the semiconductor manufacturer’s stock valued at $527,810,000 after acquiring an additional 2,833,832 shares during the period. Captrust Financial Advisors boosted its stake in Broadcom by 903.0% during the third quarter. Captrust Financial Advisors now owns 1,025,690 shares of the semiconductor manufacturer’s stock worth $176,932,000 after acquiring an additional 923,426 shares in the last quarter. Finally, Atlantic Union Bankshares Corp grew its holdings in Broadcom by 896.8% in the third quarter. Atlantic Union Bankshares Corp now owns 160,706 shares of the semiconductor manufacturer’s stock worth $27,722,000 after purchasing an additional 144,584 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 1.5 %

Broadcom stock opened at $162.08 on Friday. The business has a 50-day simple moving average of $173.39 and a two-hundred day simple moving average of $161.69. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company has a market cap of $757.01 billion, a P/E ratio of 140.82, a P/E/G ratio of 1.88 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS 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. The firm’s revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 earnings per share. Analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent research reports. Mizuho lifted their target price on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. raised their price target on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Rosenblatt Securities dropped their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Finally, William Blair began coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Two research 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.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $195.96.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction that occurred on Wednesday, October 9th. The shares were 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 of the company’s stock, valued at $69,596,812.80. The trade was a 4.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’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 of the company’s stock, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

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.