CHICAGO TRUST Co NA Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

CHICAGO TRUST Co NA grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.8% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 22,736 shares of the semiconductor manufacturer’s stock after buying an additional 2,224 shares during the period. Broadcom accounts for 0.7% of CHICAGO TRUST Co NA’s portfolio, making the stock its 29th largest position. CHICAGO TRUST Co NA’s holdings in Broadcom were worth $3,807,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in AVGO. SlateStone Wealth LLC grew its holdings in Broadcom by 0.3% during the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after buying an additional 47 shares in the last quarter. True Wealth Design LLC raised its holdings in shares of Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after acquiring an additional 48 shares in the last quarter. DT Investment Partners LLC raised its holdings in shares of Broadcom by 0.9% during the 4th quarter. DT Investment Partners LLC now owns 5,397 shares of the semiconductor manufacturer’s stock worth $1,251,000 after acquiring an additional 50 shares in the last quarter. Bfsg LLC raised its holdings in shares of Broadcom by 12.5% during the 4th quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer’s stock worth $105,000 after acquiring an additional 50 shares in the last quarter. Finally, Global Strategic Investment Solutions LLC raised its holdings in shares of Broadcom by 1.5% during the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer’s stock worth $782,000 after acquiring an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of the company’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares of the company’s stock, valued at $4,695,300. This represents a 3.06% 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, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on AVGO. Wells Fargo & Company upped their price objective on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a report on Friday. William Blair reiterated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Barclays dropped their price target on Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday. Finally, Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Thursday. Two analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average price target of $270.25.

Broadcom Price Performance

AVGO opened at $246.95 on Monday. The business has a fifty day moving average of $203.73 and a 200 day moving average of $206.81. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.16 trillion, a P/E ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company posted $10.96 earnings per share. As a group, sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has authorized a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio is 88.39%.

Broadcom Company 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.