First Financial Bank Trust Division Boosts Position in Broadcom Inc. $AVGO

First Financial Bank Trust Division grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 3.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,029 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,332 shares during the period. Broadcom comprises 1.1% of First Financial Bank Trust Division’s holdings, making the stock its 24th biggest position. First Financial Bank Trust Division’s holdings in Broadcom were worth $14,743,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in AVGO. Adelphi Trust Co lifted its position in Broadcom by 7.7% during the second quarter. Adelphi Trust Co now owns 9,192 shares of the semiconductor manufacturer’s stock valued at $3,472,000 after purchasing an additional 659 shares during the period. Eastern Bank raised its stake in shares of Broadcom by 3.2% during the 2nd quarter. Eastern Bank now owns 505,777 shares of the semiconductor manufacturer’s stock valued at $191,057,000 after buying an additional 15,849 shares during the last quarter. Trust Co of the South lifted its holdings in shares of Broadcom by 8.1% in the 2nd quarter. Trust Co of the South now owns 7,005 shares of the semiconductor manufacturer’s stock valued at $2,646,000 after buying an additional 527 shares during the period. Global Wealth Strategies & Associates boosted its stake in shares of Broadcom by 84.5% in the second quarter. Global Wealth Strategies & Associates now owns 1,083 shares of the semiconductor manufacturer’s stock worth $409,000 after buying an additional 496 shares during the last quarter. Finally, VectorGlobal IAG Inc. acquired a new stake in Broadcom during the first quarter worth about $13,315,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on AVGO shares. Seaport Research Partners reissued a “neutral” rating on shares of Broadcom in a report on Wednesday, April 8th. UBS Group set a $485.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research note on Thursday, June 4th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $545.00 target price (up from $430.00) on shares of Broadcom in a report on Thursday, May 14th. The Goldman Sachs Group reiterated a “buy” rating on shares of Broadcom in a research note on Monday. Finally, Bank of America increased their price target on shares of Broadcom from $450.00 to $530.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Twenty-eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $493.24.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $401.33, for a total transaction of $10,033,250.00. Following the completion of the sale, the insider owned 194,989 shares of the company’s stock, valued at $78,254,935.37. The trade was a 11.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gayla J. Delly sold 1,890 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total transaction of $728,368.20. Following the completion of the transaction, the director directly owned 31,326 shares in the company, valued at $12,072,413.88. This represents a 5.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 61,644 shares of company stock valued at $24,016,214. 1.90% of the stock is currently owned by company insiders.

Broadcom Stock Up 0.8%

Broadcom stock opened at $392.23 on Tuesday. The stock has a market capitalization of $1.87 trillion, a PE ratio of 65.37, a price-to-earnings-growth ratio of 0.74 and a beta of 1.45. Broadcom Inc. has a 12 month low of $281.87 and a 12 month high of $495.00. The business has a 50 day simple moving average of $393.64 and a 200-day simple moving average of $368.48. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same quarter last year, the firm posted $1.58 EPS. The business’s revenue was up 47.9% on a year-over-year basis. On average, analysts anticipate that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were given a dividend of $0.65 per share. The ex-dividend date was Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. Broadcom’s dividend payout ratio is currently 43.33%.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.