Fred Alger Management LLC Has $527.81 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Fred Alger Management LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,254.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,059,770 shares of the semiconductor manufacturer’s stock after buying an additional 2,833,832 shares during the quarter. Broadcom makes up about 2.6% of Fred Alger Management LLC’s portfolio, making the stock its 6th largest position. Fred Alger Management LLC’s holdings in Broadcom were worth $527,810,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in AVGO. American Trust lifted its position in shares of Broadcom by 9.8% during the 1st quarter. American Trust now owns 495 shares of the semiconductor manufacturer’s stock valued at $656,000 after buying an additional 44 shares during the last quarter. Mosaic Family Wealth Partners LLC bought a new stake in Broadcom in the 1st quarter valued at about $213,000. Park Place Capital Corp lifted its holdings in Broadcom by 20.7% during the second quarter. Park Place Capital Corp now owns 1,079 shares of the semiconductor manufacturer’s stock valued at $1,732,000 after purchasing an additional 185 shares during the last quarter. GAMMA Investing LLC boosted its position in Broadcom by 53.5% during the second quarter. GAMMA Investing LLC now owns 6,924 shares of the semiconductor manufacturer’s stock worth $11,117,000 after purchasing an additional 2,414 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Broadcom by 17.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 17,119 shares of the semiconductor manufacturer’s stock worth $27,485,000 after purchasing an additional 2,578 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AVGO. Benchmark restated a “buy” rating and set a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Cantor Fitzgerald lifted their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Truist Financial increased their price objective on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. raised their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $195.96.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the sale, the insider now owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. This represents a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 in the last 90 days. 2.00% of the stock is owned by company insiders.

Broadcom Trading Up 1.5 %

Shares of AVGO stock opened at $162.08 on Friday. The business has a 50-day moving average price of $173.39 and a two-hundred day moving average price of $161.69. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a market cap of $757.01 billion, a P/E ratio of 140.82, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17.

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 analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the company posted $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% compared to the same quarter last year. Equities analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.31%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

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.