Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Security National Bank

Security National Bank boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 22,263 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,159 shares during the period. Security National Bank’s holdings in Broadcom were worth $3,727,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Norges Bank acquired a new position in shares of Broadcom during the fourth quarter worth about $16,893,010,000. GAMMA Investing LLC raised its stake in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after buying an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after buying an additional 15,171,849 shares in the last quarter. GQG Partners LLC lifted its holdings in shares of Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after buying an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after buying an additional 6,573,204 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of the company’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $262.17, for a total value of $10,486,800.00. Following the completion of the transaction, the chief executive officer now directly owns 974,152 shares of the company’s stock, valued at $255,393,429.84. This represents a 3.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 301,468 shares of company stock worth $74,670,250 in the last 90 days. 2.00% of the stock is owned by company insiders.

Broadcom Trading Up 0.3%

NASDAQ AVGO opened at $264.65 on Thursday. The firm has a market capitalization of $1.24 trillion, a price-to-earnings ratio of 99.12, a PEG ratio of 1.88 and a beta of 1.11. 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 Inc. has a one year low of $128.50 and a one year high of $269.87. The company’s 50 day moving average price is $225.48 and its 200 day moving average price is $213.98.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same period in the prior year, the company earned $10.96 EPS. The firm’s revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has approved a stock buyback 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 generally an indication that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on AVGO shares. Rosenblatt Securities increased their price objective on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Wells Fargo & Company increased their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. William Blair reissued an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Susquehanna increased their target price on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a report on Friday, June 6th. Finally, Truist Financial set a $295.00 price target on Broadcom and gave the stock a “buy” rating in a report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $281.25.

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.