CNB Bank grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,273 shares of the semiconductor manufacturer's stock after purchasing an additional 1,546 shares during the quarter. Broadcom makes up about 1.6% of CNB Bank's holdings, making the stock its 11th biggest position. CNB Bank's holdings in Broadcom were worth $3,541,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also modified their holdings of the company. State Street Corp grew its position in shares of Broadcom by 948.5% during the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer's stock worth $31,814,902,000 after acquiring an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC boosted its stake in Broadcom by 976.6% during the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer's stock worth $17,055,760,000 after purchasing an additional 89,975,941 shares during the period. FMR LLC grew its position in Broadcom by 1,121.3% during the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer's stock worth $15,594,088,000 after purchasing an additional 82,998,328 shares during the last quarter. Jennison Associates LLC increased its stake in Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer's stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Broadcom by 975.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer's stock valued at $5,833,894,000 after purchasing an additional 30,674,902 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.
Analyst Ratings Changes
A number of equities analysts recently issued reports on the company. Morgan Stanley raised their price target on Broadcom from $233.00 to $265.00 and gave the stock an "overweight" rating in a report on Friday, December 20th. Evercore ISI boosted their target price on Broadcom from $201.00 to $250.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Citigroup increased their price target on Broadcom from $175.00 to $205.00 and gave the stock a "buy" rating in a report on Tuesday, December 10th. Bank of America boosted their price objective on shares of Broadcom from $215.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Finally, Cantor Fitzgerald lifted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a report on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $225.83.
Read Our Latest Analysis on AVGO
Insider Transactions at Broadcom
In related news, insider Charlie B. Kawwas sold 40,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total value of $9,279,200.00. Following the completion of the sale, the insider now directly owns 696,730 shares in the company, valued at approximately $161,627,425.40. This represents a 5.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Check Kian Low sold 48,000 shares of the company's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the sale, the director now directly owns 113,050 shares of the company's stock, valued at $26,606,317.50. The trade was a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock worth $44,964,800 over the last quarter. 2.00% of the stock is currently owned by insiders.
Broadcom Price Performance
Shares of AVGO traded up $8.03 during trading hours on Friday, reaching $237.44. 31,036,592 shares of the company traded hands, compared to its average volume of 41,590,264. The stock has a market capitalization of $1.11 trillion, a PE ratio of 193.67, a price-to-earnings-growth ratio of 2.35 and a beta of 1.03. The stock has a fifty day simple moving average of $202.01 and a 200 day simple moving average of $178.14. Broadcom Inc. has a fifty-two week low of $112.19 and a fifty-two week high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company's quarterly revenue was up 51.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.98 earnings per share. As a group, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend was Monday, December 23rd. This is a positive change from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is currently 192.50%.
Broadcom Company Profile
(
Free Report)
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.
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