Ionic Capital Management LLC Invests $1.04 Million in Broadcom Inc. (NASDAQ:AVGO)

Ionic Capital Management LLC acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,000 shares of the semiconductor manufacturer’s stock, valued at approximately $1,035,000.

Other hedge funds have also added to or reduced their stakes in the company. AXA S.A. increased its position in shares of Broadcom by 2.7% during the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after purchasing an additional 7,608 shares during the last quarter. Catalyst Financial Partners LLC increased its position in shares of Broadcom by 943.3% during the 3rd quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock valued at $3,473,000 after purchasing an additional 18,206 shares during the last quarter. Whittier Trust Co. boosted its stake in shares of Broadcom by 947.2% in the third quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock worth $119,000,000 after acquiring an additional 623,983 shares during the period. Summit Place Financial Advisors LLC raised its position in Broadcom by 912.6% during the third quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock valued at $1,691,000 after purchasing an additional 8,834 shares during the period. Finally, Signaturefd LLC grew its stake in Broadcom by 913.0% in the 3rd quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer’s stock worth $13,624,000 after acquiring an additional 71,181 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of AVGO stock opened at $166.51 on Tuesday. The company has a market cap of $777.70 billion, a PE ratio of 144.67, a PEG ratio of 1.91 and a beta of 1.13. The business’s fifty day simple moving average is $173.39 and its 200-day simple moving average is $161.69. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating 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 business 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 business earned $0.95 earnings per share. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. Analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.27%. Broadcom’s payout ratio is presently 184.19%.

Analyst Ratings Changes

AVGO has been the topic of several research analyst reports. Benchmark reiterated a “buy” rating and issued a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Rosenblatt Securities decreased their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Finally, The Goldman Sachs Group increased their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Two 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $195.96.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred 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 owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by company insiders.

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.