Thomasville National Bank acquired a new stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 303 shares of the semiconductor manufacturer’s stock, valued at approximately $263,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. raised its position in Broadcom by 1.7% during the first quarter. BlackRock Inc. now owns 29,844,893 shares of the semiconductor manufacturer’s stock worth $19,146,692,000 after acquiring an additional 499,945 shares in the last quarter. State Street Corp raised its holdings in shares of Broadcom by 5.0% in the 1st quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock valued at $10,670,149,000 after purchasing an additional 794,832 shares during the period. Geode Capital Management LLC lifted its stake in Broadcom by 5.0% in the 1st quarter. Geode Capital Management LLC now owns 7,813,688 shares of the semiconductor manufacturer’s stock valued at $5,001,948,000 after purchasing an additional 375,418 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Broadcom by 8.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,511,602 shares of the semiconductor manufacturer’s stock valued at $3,617,879,000 after purchasing an additional 513,864 shares during the last quarter. Finally, Morgan Stanley increased its position in Broadcom by 12.5% during the fourth quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock worth $3,287,056,000 after buying an additional 651,014 shares during the last quarter. Institutional investors and hedge funds own 78.81% of the company’s stock.
Insider Transactions at Broadcom
In other news, Director Check Kian Low acquired 11,000 shares of the stock in a transaction on Wednesday, September 6th. The stock was acquired at an average cost of $872.03 per share, for a total transaction of $9,592,330.00. Following the completion of the transaction, the director now directly owns 15,951 shares in the company, valued at $13,909,750.53. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Eddy W. Hartenstein sold 1,500 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total value of $1,283,520.00. Following the completion of the transaction, the director now owns 9,123 shares of the company’s stock, valued at $7,806,368.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Check Kian Low purchased 11,000 shares of Broadcom stock in a transaction dated Wednesday, September 6th. The stock was bought at an average price of $872.03 per share, for a total transaction of $9,592,330.00. Following the completion of the purchase, the director now owns 15,951 shares in the company, valued at approximately $13,909,750.53. The disclosure for this purchase can be found here. 2.20% of the stock is currently owned by insiders.
Broadcom Price Performance
Broadcom (NASDAQ:AVGO – Get Free Report) last issued its quarterly earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The company had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.85 billion. During the same quarter last year, the business earned $9.07 earnings per share. Broadcom’s revenue was up 4.5% on a year-over-year basis. As a group, analysts anticipate that Broadcom Inc. will post 37.88 earnings per share for the current fiscal year.
Broadcom Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, September 21st will be given a $4.60 dividend. This represents a $18.40 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Wednesday, September 20th. Broadcom’s payout ratio is presently 56.58%.
Analyst Upgrades and Downgrades
AVGO has been the subject of a number of recent analyst reports. TD Cowen raised their price objective on Broadcom from $800.00 to $900.00 and gave the company a “market perform” rating in a research report on Friday, September 1st. Truist Financial raised their price target on Broadcom from $942.00 to $995.00 and gave the company a “buy” rating in a report on Friday, September 8th. Oppenheimer upped their price objective on shares of Broadcom from $900.00 to $990.00 and gave the company an “outperform” rating in a report on Friday, September 1st. Rosenblatt Securities raised their target price on shares of Broadcom from $900.00 to $1,000.00 in a research note on Friday, September 1st. Finally, Needham & Company LLC lifted their target price on shares of Broadcom from $33.00 to $44.00 in a report on Friday, September 1st. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $846.14.
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.
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