Broadcom Inc. (NASDAQ:AVGO) Stock Position Boosted by AMG National Trust Bank

AMG National Trust Bank lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 780.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,438 shares of the semiconductor manufacturer’s stock after acquiring an additional 17,230 shares during the period. AMG National Trust Bank’s holdings in Broadcom were worth $3,353,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. EQ LLC purchased a new position in Broadcom in the 3rd quarter worth about $242,000. Phillips Financial Management LLC grew its position in Broadcom by 805.4% during the third quarter. Phillips Financial Management LLC now owns 1,512 shares of the semiconductor manufacturer’s stock valued at $261,000 after purchasing an additional 1,345 shares in the last quarter. Aljian Capital Management LLC purchased a new position in shares of Broadcom during the 3rd quarter valued at $3,958,000. Prudent Man Advisors LLC increased its position in Broadcom by 762.9% in the 3rd quarter. Prudent Man Advisors LLC now owns 13,755 shares of the semiconductor manufacturer’s stock worth $2,373,000 after purchasing an additional 12,161 shares during the last quarter. Finally, TrinityPoint Wealth LLC increased its holdings in Broadcom by 800.2% in the third quarter. TrinityPoint Wealth LLC now owns 16,338 shares of the semiconductor manufacturer’s stock worth $2,818,000 after buying an additional 14,523 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on AVGO. Rosenblatt Securities cut their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Morgan Stanley boosted their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a report on Monday, September 16th. William Blair assumed coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating for the company. Finally, Truist Financial increased their price objective on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. 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. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Stock Performance

NASDAQ AVGO opened at $163.25 on Thursday. The company has a 50 day moving average of $173.78 and a 200-day moving average of $160.09. 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 $762.47 billion, a price-to-earnings ratio of 141.96, a PEG ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42.

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, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. During the same quarter in the prior year, the company earned $0.95 EPS. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. On average, equities analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. 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 yield of 1.30%. Broadcom’s dividend payout ratio is currently 184.35%.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. This trade represents a 4.73 % decrease in their ownership of the stock. The sale 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 shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

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.