New Covenant Trust Company N.A. Acquires 617 Shares of Broadcom Inc. (NASDAQ:AVGO)

New Covenant Trust Company N.A. increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 19.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,817 shares of the semiconductor manufacturer’s stock after purchasing an additional 617 shares during the period. Broadcom makes up 0.6% of New Covenant Trust Company N.A.’s portfolio, making the stock its 29th biggest position. New Covenant Trust Company N.A.’s holdings in Broadcom were worth $659,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Delta Asset Management LLC TN raised its stake in shares of Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the period. Clear Point Advisors Inc. grew its holdings in shares of Broadcom by 310.0% during the first quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer’s stock worth $54,000 after buying an additional 31 shares in the last quarter. Ruedi Wealth Management Inc. raised its position in Broadcom by 104.0% in the 1st quarter. Ruedi Wealth Management Inc. now owns 51 shares of the semiconductor manufacturer’s stock valued at $68,000 after buying an additional 26 shares during the last quarter. Indiana Trust & Investment Management CO lifted its stake in Broadcom by 39.5% in the 2nd quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock valued at $85,000 after acquiring an additional 15 shares in the last quarter. Finally, Creekmur Asset Management LLC boosted its position in Broadcom by 89.7% during the 1st quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock worth $98,000 after acquiring an additional 35 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Up 3.2 %

Shares of NASDAQ:AVGO opened at $173.90 on Wednesday. Broadcom Inc. has a 12-month low of $87.12 and a 12-month high of $186.42. The business has a 50 day moving average of $169.37 and a 200-day moving average of $156.58. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock has a market cap of $812.21 billion, a PE ratio of 151.09, a P/E/G ratio of 1.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The business 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 firm’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 EPS. As a group, equities research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.22%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AVGO. William Blair began coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating on the stock. The Goldman Sachs Group lifted their price target on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. lifted their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, Mizuho increased their price target on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $192.79.

Insiders Place Their Bets

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the transaction, the director now owns 34,750 shares in the company, valued at $6,064,917.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now owns 34,750 shares in the company, valued at $6,064,917.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

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.