Massmutual Trust Co. FSB ADV Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Massmutual Trust Co. FSB ADV grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 919.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 174,505 shares of the semiconductor manufacturer’s stock after buying an additional 157,386 shares during the period. Broadcom accounts for 0.9% of Massmutual Trust Co. FSB ADV’s portfolio, making the stock its 29th largest position. Massmutual Trust Co. FSB ADV’s holdings in Broadcom were worth $30,102,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of AVGO. Legend Financial Advisors Inc. grew its stake in Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares in the last quarter. Richardson Capital Management LLC bought a new position in Broadcom in the first quarter worth approximately $29,000. Delta Asset Management LLC TN boosted its position in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in Broadcom during the 1st quarter valued at $36,000. Finally, Creekmur Asset Management LLC bought a new stake in Broadcom during the 4th quarter valued at $43,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

NASDAQ:AVGO opened at $170.66 on Thursday. Broadcom Inc. has a 12 month low of $80.89 and a 12 month high of $185.16. The stock has a 50 day moving average of $158.69 and a two-hundred day moving average of $149.13. 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 firm has a market cap of $794.40 billion, a P/E ratio of 7.34, a price-to-earnings-growth ratio of 2.78 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 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the business earned $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. On average, analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is currently 9.12%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Broadcom news, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the transaction, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The disclosure for this sale can be found here. Insiders have sold a total of 233,452 shares of company stock worth $51,278,838 in the last ninety days. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. UBS Group dropped their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Barclays increased their price objective on Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Bank of America reaffirmed a “buy” rating and set a $215.00 price target (up previously from $200.00) on shares of Broadcom in a research report on Monday, June 24th. Finally, Wells Fargo & Company lifted their price target on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 13th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

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.