Field & Main Bank Has $6.19 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Field & Main Bank trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 3.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 36,997 shares of the semiconductor manufacturer’s stock after selling 1,203 shares during the period. Broadcom comprises about 2.2% of Field & Main Bank’s holdings, making the stock its 10th largest position. Field & Main Bank’s holdings in Broadcom were worth $6,194,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Canton Hathaway LLC purchased a new position in Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the fourth quarter worth about $26,000. Inlight Wealth Management LLC purchased a new stake in Broadcom in the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter worth approximately $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Kirsten M. Spears sold 56,310 shares of the company’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the transaction, the chief financial officer now directly owns 361,937 shares in the company, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 117,758 shares of the firm’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer now directly owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 211,468 shares of company stock valued at $51,519,450 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on AVGO shares. Citigroup lifted their price target on Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Mizuho boosted their price target on shares of Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Friday, June 6th. Cowen restated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. KeyCorp lifted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Finally, Evercore ISI restated an “outperform” rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $281.25.

Broadcom Trading Up 3.9%

Shares of AVGO stock opened at $263.77 on Wednesday. The company has a market capitalization of $1.24 trillion, a PE ratio of 98.79, a price-to-earnings-growth ratio of 1.81 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.87. The business’s fifty day moving average is $223.68 and its 200 day moving average is $213.63. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company’s revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm posted $10.96 EPS. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has initiated a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.89%. Broadcom’s payout ratio is presently 88.39%.

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.