Broadcom Inc. (NASDAQ:AVGO) Shares Bought by American Trust

American Trust grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 863.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,240 shares of the semiconductor manufacturer’s stock after buying an additional 3,800 shares during the period. American Trust’s holdings in Broadcom were worth $731,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Old North State Trust LLC increased its position in Broadcom by 1,590.2% during the 3rd quarter. Old North State Trust LLC now owns 2,941 shares of the semiconductor manufacturer’s stock worth $507,000 after purchasing an additional 2,767 shares in the last quarter. Franklin Resources Inc. grew its stake in Broadcom by 1,114.6% during the third quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer’s stock worth $3,849,270,000 after buying an additional 19,375,547 shares during the period. Decatur Capital Management Inc. grew its stake in Broadcom by 891.2% during the third quarter. Decatur Capital Management Inc. now owns 31,381 shares of the semiconductor manufacturer’s stock worth $5,413,000 after buying an additional 28,215 shares during the period. Peapack Gladstone Financial Corp increased its position in shares of Broadcom by 1,049.2% in the third quarter. Peapack Gladstone Financial Corp now owns 141,934 shares of the semiconductor manufacturer’s stock worth $24,482,000 after acquiring an additional 129,583 shares in the last quarter. Finally, Synovus Financial Corp raised its stake in shares of Broadcom by 847.1% in the 3rd quarter. Synovus Financial Corp now owns 223,727 shares of the semiconductor manufacturer’s stock valued at $38,593,000 after acquiring an additional 200,104 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of AVGO opened at $224.80 on Friday. The stock has a market capitalization of $1.05 trillion, a PE ratio of 182.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13. The business’s fifty day moving average price is $174.61 and its 200 day moving average price is $164.45. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 12-month low of $104.15 and a 12-month high of $228.70.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same period last year, the firm posted $0.98 EPS. The company’s revenue for the quarter was up 51.2% on a year-over-year basis. Equities research analysts forecast that Broadcom Inc. will post 3.79 EPS for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd will be paid a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Monday, December 23rd. Broadcom’s payout ratio is presently 172.36%.

Analyst Ratings Changes

Several brokerages recently issued reports on AVGO. Citigroup increased their price target on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday. Jefferies Financial Group raised their target price on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday. Robert W. Baird upped their price target on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $240.00 price objective on shares of Broadcom in a research report on Wednesday. Finally, Piper Sandler boosted their target price on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average target price of $220.33.

Insider Activity

In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. This trade represents a 4.73 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock valued at $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.