Montchanin Asset Management LLC bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,600 shares of the semiconductor manufacturer's stock, valued at approximately $1,484,000. Broadcom accounts for about 1.4% of Montchanin Asset Management LLC's investment portfolio, making the stock its 18th biggest holding.
Several other hedge funds have also recently added to or reduced their stakes in AVGO. Castleview Partners LLC raised its stake in Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock worth $25,000 after buying an additional 134 shares during the last quarter. Pin Oak Investment Advisors Inc. grew its holdings in Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer's stock worth $25,000 after acquiring an additional 135 shares during the period. Tsfg LLC grew its holdings in Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock worth $38,000 after acquiring an additional 204 shares during the period. Cedar Wealth Management LLC raised its position in shares of Broadcom by 900.0% in the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer's stock worth $41,000 after acquiring an additional 216 shares in the last quarter. Finally, Krane Funds Advisors LLC acquired a new position in shares of Broadcom in the 3rd quarter valued at about $42,000. Institutional investors own 76.43% of the company's stock.
Several brokerages have recently commented on AVGO. Mizuho raised their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a research report on Monday, October 14th. Rosenblatt Securities decreased their price target on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research note on Friday, September 6th. William Blair started coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an "outperform" rating on the stock. Cantor Fitzgerald raised their target price on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. Finally, TD Cowen raised shares of Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $195.96.
Read Our Latest Stock Analysis on Broadcom
In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company's stock, valued at $133,781,155.20. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 over the last ninety days. 2.00% of the stock is currently owned by insiders.
Shares of AVGO stock opened at $179.53 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm has a market cap of $838.51 billion, a price-to-earnings ratio of 155.98, a P/E/G ratio of 2.01 and a beta of 1.13. Broadcom Inc. has a 52 week low of $90.36 and a 52 week high of $186.42. The firm's 50-day simple moving average is $173.01 and its two-hundred day simple moving average is $162.79.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping 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 company had revenue of $13.07 billion for the quarter, compared to analysts' expectations of $12.98 billion. During the same quarter in the previous year, the firm posted $0.95 EPS. Broadcom's revenue was up 47.3% on a year-over-year basis. As a group, equities analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.
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.
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