Huntington National Bank Increases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Huntington National Bank boosted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 974.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,056,519 shares of the semiconductor manufacturer's stock after buying an additional 958,199 shares during the period. Broadcom makes up approximately 1.3% of Huntington National Bank's investment portfolio, making the stock its 15th largest holding. Huntington National Bank's holdings in Broadcom were worth $182,250,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. Castleview Partners LLC raised its stake in shares of Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock worth $25,000 after buying an additional 134 shares during the period. Delta Asset Management LLC TN increased its position in shares of Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock worth $32,000 after purchasing an additional 17 shares in the last quarter. Tsfg LLC increased its position in shares of Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock worth $38,000 after purchasing an additional 204 shares in the last quarter. Krane Funds Advisors LLC purchased a new stake in shares of Broadcom during the third quarter worth approximately $42,000. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Broadcom during the third quarter worth approximately $45,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Rosenblatt Securities dropped their price target on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research report on Friday, September 6th. StockNews.com cut Broadcom from a "buy" rating to a "hold" rating in a report on Tuesday, July 23rd. UBS Group upped their target price on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a report on Monday, November 4th. Mizuho upped their target price on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a report on Monday, October 14th. Finally, Cantor Fitzgerald upped their target price on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $192.79.

Broadcom Stock Down 3.3 %

AVGO stock traded down $5.54 during mid-day trading on Friday, reaching $164.84. The company had a trading volume of 20,836,160 shares, compared to its average volume of 17,858,028. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The company has a market capitalization of $769.90 billion, a price-to-earnings ratio of 143.21, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. The firm has a fifty day simple moving average of $172.84 and a 200 day simple moving average of $159.35. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating 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 return on equity of 30.12% and a net margin of 10.88%. Broadcom's revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 EPS. Analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is presently 184.19%.

Insider Activity

In other 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 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. This represents a 3.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 380,560 shares in the company, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by insiders.

Broadcom 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.