Central Bank & Trust Co. Boosts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Central Bank & Trust Co. grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 41.1% in the 1st quarter, Holdings Channel.com reports. The firm owned 14,782 shares of the semiconductor manufacturer’s stock after buying an additional 4,306 shares during the period. Central Bank & Trust Co.’s holdings in Broadcom were worth $2,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in AVGO. Canton Hathaway LLC purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the 4th quarter worth $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom in the 4th quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom in the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Broadcom in the 4th quarter worth $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Down 5.0%

Shares of AVGO stock opened at $246.95 on Friday. The stock has a market cap of $1.16 trillion, a price-to-earnings ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The company’s 50-day moving average price is $203.73 and its 200-day moving average price is $206.52. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) 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 analyst estimates of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Broadcom’s revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $10.96 EPS. As a group, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.96%. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AVGO. Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a “buy” rating in a report on Friday. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Redburn Atlantic began coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target for the company. Barclays cut their price target on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research note on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $270.25.

Insider Activity at Broadcom

In related news, Director Justine Page sold 800 shares of the business’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. The trade was a 3.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company’s stock.

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.