Private Trust Co. NA Buys 41,307 Shares of Broadcom Inc. (NASDAQ:AVGO)

Private Trust Co. NA increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 898.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,907 shares of the semiconductor manufacturer’s stock after acquiring an additional 41,307 shares during the quarter. Broadcom makes up about 0.8% of Private Trust Co. NA’s portfolio, making the stock its 14th largest position. Private Trust Co. NA’s holdings in Broadcom were worth $7,919,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Diversified LLC boosted its stake in Broadcom by 1,102.8% during the third quarter. Diversified LLC now owns 4,751 shares of the semiconductor manufacturer’s stock worth $820,000 after acquiring an additional 4,356 shares in the last quarter. Hancock Whitney Corp boosted its stake in Broadcom by 1,062.8% during the third quarter. Hancock Whitney Corp now owns 276,324 shares of the semiconductor manufacturer’s stock worth $47,666,000 after acquiring an additional 252,560 shares in the last quarter. Truvestments Capital LLC boosted its stake in Broadcom by 939.7% during the third quarter. Truvestments Capital LLC now owns 49,272 shares of the semiconductor manufacturer’s stock worth $8,499,000 after acquiring an additional 44,533 shares in the last quarter. Brown Brothers Harriman & Co. boosted its stake in Broadcom by 1,118.1% during the third quarter. Brown Brothers Harriman & Co. now owns 60,259 shares of the semiconductor manufacturer’s stock worth $10,395,000 after acquiring an additional 55,312 shares in the last quarter. Finally, Loomis Sayles & Co. L P boosted its stake in Broadcom by 918.3% during the third quarter. Loomis Sayles & Co. L P now owns 67,858 shares of the semiconductor manufacturer’s stock worth $11,705,000 after acquiring an additional 61,194 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

NASDAQ AVGO opened at $164.74 on Wednesday. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The company has a 50-day simple moving average of $173.76 and a 200 day simple moving average of $161.09. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The company has a market capitalization of $769.43 billion, a PE ratio of 143.13, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the company posted $0.95 earnings per share. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. On average, research analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. The trade was a 2.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent research reports. Truist Financial raised their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. UBS Group raised their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Benchmark reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. William Blair initiated coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating on the stock. Finally, Mizuho raised their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Two investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $195.96.

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.