Reliant Investment Management LLC Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Reliant Investment Management LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 906.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 81,975 shares of the semiconductor manufacturer’s stock after purchasing an additional 73,827 shares during the period. Broadcom comprises 6.7% of Reliant Investment Management LLC’s portfolio, making the stock its biggest holding. Reliant Investment Management LLC’s holdings in Broadcom were worth $14,141,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. City Holding Co. increased its position in shares of Broadcom by 1,464.7% during the 3rd quarter. City Holding Co. now owns 1,330 shares of the semiconductor manufacturer’s stock worth $229,000 after purchasing an additional 1,245 shares in the last quarter. Artemis Investment Management LLP grew its stake in Broadcom by 3,504.9% during the third quarter. Artemis Investment Management LLP now owns 559,267 shares of the semiconductor manufacturer’s stock worth $96,474,000 after buying an additional 543,753 shares during the last quarter. Country Trust Bank increased its holdings in shares of Broadcom by 900.0% during the third quarter. Country Trust Bank now owns 2,840 shares of the semiconductor manufacturer’s stock worth $490,000 after buying an additional 2,556 shares in the last quarter. Park Place Capital Corp raised its stake in shares of Broadcom by 941.3% in the third quarter. Park Place Capital Corp now owns 11,236 shares of the semiconductor manufacturer’s stock valued at $1,938,000 after acquiring an additional 10,157 shares during the last quarter. Finally, Atomi Financial Group Inc. boosted its holdings in shares of Broadcom by 772.0% in the 3rd quarter. Atomi Financial Group Inc. now owns 43,505 shares of the semiconductor manufacturer’s stock worth $7,505,000 after acquiring an additional 38,516 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

AVGO stock opened at $180.73 on Wednesday. Broadcom Inc. has a 1-year low of $81.83 and a 1-year high of $185.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a market cap of $841.28 billion, a PE ratio of 7.77, a P/E/G ratio of 2.78 and a beta of 1.17. The business’s 50-day moving average price is $160.14 and its two-hundred day moving average price is $150.17.

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, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.95 EPS. As a group, research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.17%. Broadcom’s dividend payout ratio is presently 9.12%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AVGO. Oppenheimer cut their price objective on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. William Blair assumed coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Evercore ISI upped their target price on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Finally, Citigroup reissued a “buy” rating and set a $156.00 price target on shares of Broadcom in a research note on Tuesday, June 11th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $190.29.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $172.32, for a total transaction of $3,446,400.00. Following the sale, the chief executive officer now directly owns 1,151,910 shares in the company, 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 worth $56,396,638. Corporate insiders own 2.00% of the company’s stock.

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.