UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $5.83 Billion Stake in Broadcom Inc. (NASDAQ:AVGO)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 975.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,819,675 shares of the semiconductor manufacturer’s stock after acquiring an additional 30,674,902 shares during the quarter. Broadcom makes up 1.5% of UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s portfolio, making the stock its 8th biggest position. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.72% of Broadcom worth $5,833,894,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the stock. Public Sector Pension Investment Board lifted its position in shares of Broadcom by 647.2% during the third quarter. Public Sector Pension Investment Board now owns 1,808,430 shares of the semiconductor manufacturer’s stock worth $311,954,000 after purchasing an additional 1,566,390 shares during the last quarter. Fiduciary Trust Co raised its stake in Broadcom by 886.7% during the third quarter. Fiduciary Trust Co now owns 357,958 shares of the semiconductor manufacturer’s stock valued at $61,748,000 after buying an additional 321,680 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Broadcom by 977.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,069,312 shares of the semiconductor manufacturer’s stock worth $529,456,000 after buying an additional 2,784,463 shares during the last quarter. Providence Capital Advisors LLC grew its position in shares of Broadcom by 877.9% in the 3rd quarter. Providence Capital Advisors LLC now owns 1,330 shares of the semiconductor manufacturer’s stock worth $229,000 after acquiring an additional 1,194 shares in the last quarter. Finally, BBR Partners LLC increased its holdings in shares of Broadcom by 810.4% in the 3rd quarter. BBR Partners LLC now owns 4,470 shares of the semiconductor manufacturer’s stock valued at $771,000 after acquiring an additional 3,979 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AVGO. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Benchmark reaffirmed a “buy” rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Rosenblatt Securities dropped their price objective 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. The Goldman Sachs Group lifted their target price on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Cantor Fitzgerald increased their price target on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $195.96.

Broadcom Stock Performance

AVGO stock opened at $159.67 on Friday. The firm has a 50 day moving average of $173.57 and a two-hundred day moving average of $161.49. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The company has a market capitalization of $745.75 billion, a price-to-earnings ratio of 138.84, a P/E/G ratio of 1.94 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.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (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 firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the prior year, the company posted $0.95 earnings per share. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. As a group, equities analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal 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 $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.33%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction on 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 owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. This trade represents a 11.26 % decrease in their ownership of the stock. 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.

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.