Hancock Whitney Corp Has $38.15 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Hancock Whitney Corp trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,764 shares of the semiconductor manufacturer’s stock after selling 2,097 shares during the quarter. Broadcom makes up 1.3% of Hancock Whitney Corp’s holdings, making the stock its 13th biggest holding. Hancock Whitney Corp’s holdings in Broadcom were worth $38,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Swedbank AB acquired a new position in shares of Broadcom in the 1st quarter worth approximately $2,835,737,000. Vanguard Group Inc. lifted its stake in Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after buying an additional 1,303,462 shares during the period. Jennison Associates LLC increased its stake in shares of Broadcom by 43.9% in the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after acquiring an additional 1,263,957 shares in the last quarter. Capital International Investors lifted its position in shares of Broadcom by 4.5% during the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after acquiring an additional 1,006,223 shares during the period. Finally, GQG Partners LLC increased its stake in Broadcom by 48.9% in the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock valued at $3,966,730,000 after purchasing an additional 983,328 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent research reports. Melius Research assumed coverage on Broadcom in a report on Monday, June 3rd. They set a “buy” rating and a $185.00 price objective for the company. Evercore ISI upped their price objective on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Bank of America reiterated a “buy” rating and set a $215.00 price objective (up from $200.00) on shares of Broadcom in a report on Monday, June 24th. Rosenblatt Securities lowered their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Finally, The Goldman Sachs Group boosted their price objective on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $171.10 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a fifty day simple moving average of $156.81 and a two-hundred day simple moving average of $146.91. Broadcom Inc. has a 1-year low of $79.51 and a 1-year high of $185.16. The firm has a market cap of $796.45 billion, a price-to-earnings ratio of 7.36, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter last year, the company posted $0.95 EPS. Analysts anticipate that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.24%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 9.12%.

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.