Rockefeller Capital Management L.P. Buys 2,328,367 Shares of Broadcom Inc. (NASDAQ:AVGO)

Rockefeller Capital Management L.P. lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 858.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,599,462 shares of the semiconductor manufacturer’s stock after buying an additional 2,328,367 shares during the period. Broadcom makes up about 1.2% of Rockefeller Capital Management L.P.’s holdings, making the stock its 8th biggest holding. Rockefeller Capital Management L.P.’s holdings in Broadcom were worth $456,095,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Indiana Trust & Investment Management CO raised its position in Broadcom by 39.5% in 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 during the period. Kiely Wealth Advisory Group Inc. purchased a new position in Broadcom in the 2nd quarter worth approximately $128,000. Mark Sheptoff Financial Planning LLC acquired a new stake in Broadcom in the second quarter valued at approximately $136,000. Bank & Trust Co purchased a new stake in shares of Broadcom during the second quarter valued at approximately $153,000. Finally, American Capital Advisory LLC acquired a new position in shares of Broadcom during the second quarter worth $169,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Morgan Stanley raised their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Truist Financial lifted their target price on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Cantor Fitzgerald boosted their price target on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Finally, The Goldman Sachs Group upped their target price on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $195.96.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the transaction, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. The trade was a 4.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Up 1.5 %

Broadcom stock opened at $162.08 on Friday. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The stock has a market capitalization of $757.01 billion, a PE ratio of 140.82, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17. The firm has a 50 day simple moving average of $173.39 and a 200-day simple moving average of $161.69. 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 posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. 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 business earned $0.95 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.31%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 184.19%.

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.