First County Bank CT Sells 138 Shares of Broadcom Inc. (NASDAQ:AVGO)

First County Bank CT cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 9.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,335 shares of the semiconductor manufacturer’s stock after selling 138 shares during the quarter. Broadcom makes up about 1.1% of First County Bank CT’s holdings, making the stock its 22nd largest holding. First County Bank CT’s holdings in Broadcom were worth $2,143,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. AXA S.A. lifted its holdings in shares of Broadcom by 2.7% in the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after purchasing an additional 7,608 shares in the last quarter. Capital International Ltd. CA raised its position in Broadcom by 1.7% in the 4th quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock valued at $87,367,000 after buying an additional 1,310 shares during the last quarter. Ensign Peak Advisors Inc lifted its stake in Broadcom by 19.1% in the 2nd quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock valued at $842,160,000 after acquiring an additional 84,196 shares in the last quarter. Focus Financial Network Inc. ADV acquired a new position in Broadcom during the 4th quarter worth approximately $2,238,000. Finally, Gryphon Financial Partners LLC grew its stake in shares of Broadcom by 99.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after acquiring an additional 801 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Melius initiated coverage on Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price on the stock. Mizuho upped their target price on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Evercore ISI raised their price target on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Finally, Citigroup reiterated a “buy” rating and set a $156.00 price objective on shares of Broadcom in a research note on Tuesday, June 11th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $189.23.

Broadcom Stock Up 1.5 %

Shares of NASDAQ AVGO opened at $178.09 on Friday. The company has a 50 day simple moving average of $157.69 and a 200 day simple moving average of $147.96. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 1 year low of $80.44 and a 1 year high of $185.16. The firm has a market cap of $831.78 billion, a PE ratio of 7.66, a price-to-earnings-growth ratio of 2.78 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 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 earnings per share. On average, research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 9.12%.

Insider Activity

In other news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. Over the last quarter, insiders sold 232,702 shares of company stock valued at $51,147,941. Company insiders own 2.00% of the company’s stock.

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.