Washington Trust Advisors Inc. Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

Washington Trust Advisors Inc. lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 88.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 543 shares of the semiconductor manufacturer’s stock after purchasing an additional 255 shares during the quarter. Washington Trust Advisors Inc.’s holdings in Broadcom were worth $607,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Rise Advisors LLC grew its stake in shares of Broadcom by 76.5% during the third quarter. Rise Advisors LLC now owns 30 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 13 shares in the last quarter. Bollard Group LLC purchased a new position in shares of Broadcom in the 2nd quarter valued at approximately $26,000. Macroview Investment Management LLC purchased a new stake in shares of Broadcom in the third quarter valued at about $29,000. BKM Wealth Management LLC acquired a new position in Broadcom during the 4th quarter worth approximately $29,000. Finally, Indiana Trust & Investment Management CO purchased a new position in Broadcom in the third quarter worth $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Price Performance

Shares of Broadcom stock traded up $1.34 during trading on Thursday, hitting $1,320.07. 850,944 shares of the stock traded hands, compared to its average volume of 3,077,440. The stock has a market cap of $611.75 billion, a price-to-earnings ratio of 48.75, a PEG ratio of 2.81 and a beta of 1.26. The firm’s fifty day moving average is $1,267.55 and its 200-day moving average is $1,061.46. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. During the same quarter in the prior year, the firm posted $9.83 earnings per share. The business’s revenue was up 34.2% on a year-over-year basis. Research analysts expect that Broadcom Inc. will post 36.8 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be issued a $5.25 dividend. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.59%. Broadcom’s payout ratio is 77.84%.

Insider Activity

In related news, insider Charlie B. Kawwas sold 5,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the transaction, the insider now owns 16,575 shares in the company, valued at $22,276,800. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Kirsten M. Spears sold 2,500 shares of the stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the completion of the transaction, the chief financial officer now directly owns 26,880 shares of the company’s stock, valued at $28,039,603.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 5,000 shares of Broadcom stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the sale, the insider now directly owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The disclosure for this sale can be found here. Insiders have sold a total of 19,810 shares of company stock valued at $26,107,692 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on AVGO shares. Mizuho lifted their price objective on Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a research report on Thursday, March 7th. Oppenheimer reissued an “outperform” rating and issued a $1,500.00 target price (up previously from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. Barclays began coverage on shares of Broadcom in a research note on Wednesday, March 20th. They issued an “overweight” rating and a $1,405.00 target price for the company. Summit Insights upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Friday, December 8th. Finally, Cantor Fitzgerald boosted their price objective on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Three equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $1,230.18.

Broadcom 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.