Bank & Trust Co Buys 171 Shares of Broadcom Inc. (NASDAQ:AVGO)

Bank & Trust Co raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 18.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,121 shares of the semiconductor manufacturer’s stock after buying an additional 171 shares during the period. Bank & Trust Co’s holdings in Broadcom were worth $188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in AVGO. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after purchasing an additional 18,845 shares during the period. Nebula Research & Development LLC increased its stake in shares of Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock valued at $3,642,000 after buying an additional 14,399 shares during the period. Destiny Wealth Partners LLC raised its holdings in shares of Broadcom by 1,211.3% in the fourth quarter. Destiny Wealth Partners LLC now owns 27,013 shares of the semiconductor manufacturer’s stock valued at $6,263,000 after acquiring an additional 24,953 shares in the last quarter. Mediolanum International Funds Ltd raised its holdings in shares of Broadcom by 36.3% in the fourth quarter. Mediolanum International Funds Ltd now owns 634,112 shares of the semiconductor manufacturer’s stock valued at $149,017,000 after acquiring an additional 168,774 shares in the last quarter. Finally, Kovack Advisors Inc. lifted its stake in Broadcom by 8.1% in the fourth quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock worth $7,971,000 after acquiring an additional 2,570 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on AVGO shares. Citigroup cut their target price on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Barclays reduced their price objective on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Redburn Atlantic started coverage on Broadcom in a report on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Oppenheimer upped their price objective on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $238.77.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now directly owns 26,182 shares of the company’s stock, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 over the last quarter. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

Shares of AVGO opened at $248.71 on Tuesday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a 50-day moving average of $196.77 and a two-hundred day moving average of $204.25. The stock has a market cap of $1.17 trillion, a P/E ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a one year low of $128.50 and a one year high of $251.88.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.95%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Broadcom announced that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.