Freemont Management S.A. Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

17 Nov 2024, 05:30 by Amy Steele · The Cerbat Gem

Freemont Management S.A. lifted its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 900.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,000 shares of the semiconductor manufacturer’s stock after buying an additional 16,200 shares during the period. Broadcom makes up approximately 1.5% of Freemont Management S.A.’s portfolio, making the stock its 19th biggest holding. Freemont Management S.A.’s holdings in Broadcom were worth $3,105,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Plato Investment Management Ltd grew its position in Broadcom by 881.4% during the third quarter. Plato Investment Management Ltd now owns 110,703 shares of the semiconductor manufacturer’s stock valued at $19,077,000 after buying an additional 99,423 shares during the period. Cable Hill Partners LLC boosted its stake in Broadcom by 786.4% in the third quarter. Cable Hill Partners LLC now owns 17,507 shares of the semiconductor manufacturer’s stock valued at $3,020,000 after acquiring an additional 15,532 shares during the last quarter. Bell Bank grew its position in shares of Broadcom by 1,060.1% during the 3rd quarter. Bell Bank now owns 12,634 shares of the semiconductor manufacturer’s stock valued at $2,179,000 after acquiring an additional 11,545 shares during the period. Pier 88 Investment Partners LLC increased its stake in shares of Broadcom by 47.5% during the 3rd quarter. Pier 88 Investment Partners LLC now owns 1,800 shares of the semiconductor manufacturer’s stock worth $310,000 after purchasing an additional 580 shares during the last quarter. Finally, Mizuho Securities Co. Ltd. raised its holdings in shares of Broadcom by 557.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 7,950 shares of the semiconductor manufacturer’s stock worth $1,371,000 after purchasing an additional 6,740 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

NASDAQ AVGO opened at $164.84 on Friday. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The company has a fifty day moving average of $172.84 and a 200-day moving average of $159.35. The company has a market capitalization of $769.90 billion, a P/E ratio of 143.34, a P/E/G ratio of 2.04 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

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

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. 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 1.29%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. The trade was a 11.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the business’s 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 completion of the sale, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This trade represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the company. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Rosenblatt Securities lowered their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, William Blair initiated coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. Two equities research 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Read Our Latest Stock Analysis on AVGO

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