Plato Investment Management Ltd Buys 99,423 Shares of Broadcom Inc. (NASDAQ:AVGO)

Plato Investment Management Ltd increased its position in Broadcom Inc. (NASDAQ:AVGO) by 881.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 110,703 shares of the semiconductor manufacturer’s stock after buying an additional 99,423 shares during the period. Broadcom accounts for approximately 1.5% of Plato Investment Management Ltd’s investment portfolio, making the stock its 8th biggest holding. Plato Investment Management Ltd’s holdings in Broadcom were worth $19,077,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Castleview Partners LLC increased its stake in Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 134 shares in the last quarter. Delta Asset Management LLC TN grew its holdings in shares of Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 17 shares during the last quarter. Tsfg LLC grew its holdings in shares of Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after buying an additional 204 shares during the last quarter. Krane Funds Advisors LLC bought a new stake in shares of Broadcom during the third quarter worth about $42,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Broadcom in the 3rd quarter worth about $45,000. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $164.84 on Friday. The firm has a market capitalization 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 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 50-day moving average price of $172.84 and a two-hundred day moving average price of $159.35. Broadcom Inc. has a twelve month low of $90.31 and a twelve month 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, topping 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 company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the firm earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. Equities analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

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

Insider Buying and Selling

In other news, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the sale, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on AVGO. UBS Group boosted 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. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. raised their price objective on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Cantor Fitzgerald upped their target price 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, 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 report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price 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.