Morton Community Bank Has $9.05 Million Stock Holdings in Broadcom Inc. $AVGO

Morton Community Bank cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 6.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,842 shares of the semiconductor manufacturer’s stock after selling 2,170 shares during the period. Broadcom comprises approximately 2.3% of Morton Community Bank’s portfolio, making the stock its 3rd largest position. Morton Community Bank’s holdings in Broadcom were worth $9,053,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in AVGO. Assetmark Inc. raised its position in Broadcom by 2.4% in the 2nd quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after purchasing an additional 39,466 shares during the period. Capital Counsel LLC NY bought a new position in shares of Broadcom during the second quarter valued at about $221,000. Waterloo Capital L.P. grew its stake in shares of Broadcom by 7.0% during the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock valued at $13,331,000 after buying an additional 3,180 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Broadcom by 27.9% in the first quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock worth $10,737,000 after buying an additional 13,978 shares during the period. Finally, RiverFront Investment Group LLC lifted its stake in shares of Broadcom by 107.6% in the 2nd quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock valued at $4,555,000 after acquiring an additional 8,566 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on AVGO shares. Argus raised their price target on Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Bank of America increased their price objective on Broadcom from $400.00 to $460.00 and gave the company a “buy” rating in a research note on Monday, December 1st. Macquarie assumed coverage on shares of Broadcom in a research note on Monday, September 15th. They issued an “outperform” rating and a $420.00 target price on the stock. Sanford C. Bernstein upped their price target on shares of Broadcom from $295.00 to $400.00 and gave the company an “outperform” rating in a report on Friday, September 5th. Finally, Mizuho set a $435.00 price target on shares of Broadcom and gave the stock an “outperform” rating in a report on Tuesday, October 21st. Three analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $391.04.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 148,154 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $336.67, for a total transaction of $49,879,007.18. Following the transaction, the chief executive officer owned 825,998 shares in the company, valued at approximately $278,088,746.66. This represents a 15.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Henry Samueli sold 368,797 shares of the stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total value of $124,620,194.27. Following the completion of the transaction, the director directly owned 37,722,534 shares of the company’s stock, valued at $12,746,821,463.94. This represents a 0.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have bought 3,550 shares of company stock valued at $1,227,869 and have sold 665,271 shares valued at $225,483,192. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $390.24 on Friday. The stock has a market cap of $1.84 trillion, a P/E ratio of 99.55, a price-to-earnings-growth ratio of 1.30 and a beta of 1.19. The firm’s fifty day simple moving average is $356.79 and its 200 day simple moving average is $311.56. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $403.00. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 4th. The semiconductor manufacturer reported $1.69 EPS for the quarter, topping the consensus estimate of $1.66 by $0.03. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. The business had revenue of $15.95 billion during the quarter, compared to analyst estimates of $15.82 billion. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.24 EPS. As a group, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

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.