CENTRAL TRUST Co Has $79.11 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

CENTRAL TRUST Co lessened its position in Broadcom Inc. (NASDAQ:AVGO) by 2.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 472,519 shares of the semiconductor manufacturer’s stock after selling 11,868 shares during the quarter. Broadcom accounts for approximately 1.9% of CENTRAL TRUST Co’s portfolio, making the stock its 10th largest holding. CENTRAL TRUST Co’s holdings in Broadcom were worth $79,114,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. SlateStone Wealth LLC increased its stake in shares of Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock worth $3,207,000 after acquiring an additional 47 shares during the period. True Wealth Design LLC lifted its position in Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after purchasing an additional 48 shares during the period. DT Investment Partners LLC boosted its holdings in Broadcom by 0.9% in the fourth quarter. DT Investment Partners LLC now owns 5,397 shares of the semiconductor manufacturer’s stock valued at $1,251,000 after purchasing an additional 50 shares during the last quarter. Bfsg LLC grew its position in Broadcom by 12.5% during the 4th quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer’s stock worth $105,000 after purchasing an additional 50 shares during the period. Finally, Global Strategic Investment Solutions LLC raised its stake 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 valued at $782,000 after buying an additional 50 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a 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 Monday, April 14th. The stock was 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 trade represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 848,334 shares of company stock worth $163,560,669 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 1.4%

Shares of AVGO opened at $252.10 on Tuesday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The stock has a market cap of $1.19 trillion, a PE ratio of 205.63, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The firm’s fifty day moving average is $214.93 and its two-hundred day moving average is $210.47. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

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

Broadcom declared that its board has authorized a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Analyst Ratings Changes

AVGO has been the topic of a number of recent research reports. Benchmark upped their target price on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Evercore ISI restated an “outperform” rating and issued a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Truist Financial set a $295.00 target price on shares of Broadcom and gave the company a “buy” rating in a research note on Friday, June 6th. Finally, Wells Fargo & Company increased their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $276.09.

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.