Central Pacific Bank Trust Division Acquires 3,707 Shares of Broadcom Inc. (NASDAQ:AVGO)

Central Pacific Bank Trust Division grew its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 21.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,955 shares of the semiconductor manufacturer's stock after acquiring an additional 3,707 shares during the quarter. Broadcom accounts for 0.6% of Central Pacific Bank Trust Division's holdings, making the stock its 24th biggest position. Central Pacific Bank Trust Division's holdings in Broadcom were worth $4,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of AVGO. Castleview Partners LLC grew its holdings in shares of Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock worth $25,000 after buying an additional 134 shares in the last quarter. Pin Oak Investment Advisors Inc. lifted its position in shares of Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 135 shares during the last quarter. JDM Financial Group LLC boosted its position in Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer's stock worth $32,000 after purchasing an additional 172 shares during the period. Tsfg LLC raised its position in shares of Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock valued at $38,000 after purchasing an additional 204 shares during the period. Finally, Cedar Wealth Management LLC lifted its position in Broadcom by 900.0% during the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer's stock worth $41,000 after acquiring an additional 216 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AVGO. Benchmark reiterated a "buy" rating and issued a $255.00 price target (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. William Blair initiated coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an "outperform" rating for the company. Susquehanna raised their price objective on Broadcom from $200.00 to $225.00 and gave the company a "positive" rating in a report on Friday, December 13th. Bank of America boosted their target price on shares of Broadcom from $215.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Finally, Cantor Fitzgerald increased their price target on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and an average price target of $221.88.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 45,000 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the transaction, the chief executive officer now owns 842,836 shares of the company's stock, valued at approximately $202,246,926.56. This represents a 5.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harry L. You sold 6,540 shares of the firm's stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the transaction, the director now directly owns 30,450 shares of the company's stock, valued at $7,308,000. This represents a 17.68 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 154,408 shares of company stock worth $33,412,228. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded up $0.57 during midday trading on Friday, reaching $232.55. 24,911,406 shares of the company traded hands, compared to its average volume of 28,218,604. Broadcom Inc. has a 12 month low of $104.15 and a 12 month high of $251.88. The firm has a market capitalization of $1.09 trillion, a price-to-earnings ratio of 202.04, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13. 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 firm's fifty day moving average price is $190.08 and its two-hundred day moving average price is $173.46.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $14.05 billion for the quarter, compared to analysts' expectations of $14.07 billion. During the same period in the prior year, the business earned $0.98 earnings per share. Broadcom's revenue for the quarter was up 51.2% compared to the same quarter last year. On average, equities analysts expect that Broadcom Inc. will post 3.79 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. This is a boost from Broadcom's previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date was Monday, December 23rd. Broadcom's dividend payout ratio (DPR) is 191.87%.

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.