Park Place Capital Corp Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Park Place Capital Corp lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 941.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 11,236 shares of the semiconductor manufacturer’s stock after buying an additional 10,157 shares during the period. Park Place Capital Corp’s holdings in Broadcom were worth $1,938,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Legend Financial Advisors Inc. raised its stake in Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the period. Richardson Capital Management LLC purchased a new position in Broadcom during the first quarter worth approximately $29,000. Delta Asset Management LLC TN raised its stake in Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares during the period. Redmont Wealth Advisors LLC purchased a new position in Broadcom during the first quarter worth approximately $36,000. Finally, Creekmur Asset Management LLC purchased a new position in Broadcom during the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $172.32, for a total value of $3,446,400.00. Following the completion of the sale, the chief executive officer now owns 1,151,910 shares of the company’s stock, valued at approximately $198,497,131.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Gayla J. Delly sold 750 shares of Broadcom 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 transaction, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $172.32, for a total transaction of $3,446,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,151,910 shares of the company’s stock, valued at $198,497,131.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 263,452 shares of company stock valued at $56,396,638. Insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $180.73 on Wednesday. Broadcom Inc. has a 12-month low of $81.83 and a 12-month high of $185.16. The company has a market capitalization of $841.28 billion, a price-to-earnings ratio of 7.77, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm’s fifty day moving average price is $160.14 and its 200 day moving average price is $150.17.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.95 EPS. On average, research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given 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 1.17%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 9.12%.

Analysts Set New Price Targets

AVGO has been the topic of a number of recent analyst reports. Cantor Fitzgerald increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday. William Blair initiated coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Mizuho raised their target price on shares of Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, Sanford C. Bernstein raised their target price on shares of Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Two 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $190.29.

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.