First National Bank of Mount Dora Trust Investment Services Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

First National Bank of Mount Dora Trust Investment Services lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 12.2% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 60,173 shares of the semiconductor manufacturer’s stock after selling 8,384 shares during the period. Broadcom accounts for about 2.5% of First National Bank of Mount Dora Trust Investment Services’ investment portfolio, making the stock its 11th biggest holding. First National Bank of Mount Dora Trust Investment Services’ holdings in Broadcom were worth $10,075,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new stake in Broadcom in the 4th quarter worth $16,893,010,000. GAMMA Investing LLC lifted its position in shares of Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Broadcom by 46.9% in the fourth 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 acquiring an additional 15,171,849 shares during the period. GQG Partners LLC raised its stake in Broadcom by 200.0% during 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 purchasing an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of several recent analyst reports. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Evercore ISI boosted their target price on Broadcom from $267.00 to $304.00 and gave the stock an “outperform” rating in a research report on Friday. JPMorgan Chase & Co. lifted their price objective on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research note on Friday. Oppenheimer raised their target price on shares of Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a report on Friday, May 30th. Finally, KeyCorp upped their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Two research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $272.71.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company’s stock.

Broadcom Trading Down 1.1%

Shares of Broadcom stock opened at $244.28 on Tuesday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The stock has a market cap of $1.15 trillion, a P/E ratio of 199.25, a P/E/G ratio of 2.29 and a beta of 1.11. The stock’s 50 day simple moving average is $205.17 and its 200-day simple moving average is $207.37. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the firm earned $10.96 EPS. The business’s revenue was up 20.2% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.97%. Broadcom’s dividend payout ratio (DPR) is 88.39%.

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 shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Broadcom Company 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.