AMG National Trust Bank Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

AMG National Trust Bank boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 780.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,438 shares of the semiconductor manufacturer's stock after purchasing an additional 17,230 shares during the quarter. AMG National Trust Bank's holdings in Broadcom were worth $3,353,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. K2 Principal Fund L.P. acquired a new stake in Broadcom during the first quarter valued at approximately $1,922,000. Canada Pension Plan Investment Board increased its position in Broadcom by 13.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 461,306 shares of the semiconductor manufacturer's stock valued at $611,420,000 after acquiring an additional 54,780 shares during the period. Envoi LLC bought a new position in Broadcom during the 1st quarter valued at $265,000. Stonebridge Capital Advisors LLC boosted its stake in Broadcom by 18.9% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 226 shares of the semiconductor manufacturer's stock valued at $300,000 after purchasing an additional 36 shares in the last quarter. Finally, Gamco Investors INC. ET AL boosted its stake in shares of Broadcom by 80.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 897 shares of the semiconductor manufacturer's stock worth $1,189,000 after acquiring an additional 400 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Up 0.2 %

NASDAQ AVGO traded up $0.25 on Thursday, hitting $163.50. The company's stock had a trading volume of 6,678,341 shares, compared to its average volume of 29,265,527. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The firm has a market cap of $763.64 billion, a P/E ratio of 142.05, a PEG ratio of 1.94 and a beta of 1.17. The company's 50-day simple moving average is $173.78 and its 200 day simple moving average is $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.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for 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 company's revenue for the quarter was up 47.3% on a year-over-year basis. During the same period last year, the business posted $0.95 EPS. Research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a boost from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.30%. The ex-dividend date was Thursday, September 19th. Broadcom's payout ratio is presently 184.19%.

Insiders Place Their Bets

In related news, Director Gayla J. Delly sold 750 shares of the company's stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. This represents a 2.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 50,000 shares of the company's stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value 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. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 over the last ninety days. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently commented on the company. Truist Financial raised their target price on Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday, October 8th. Benchmark restated a "buy" rating and set a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. TD Cowen raised Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. Rosenblatt Securities decreased their target price on Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a research report on Friday, September 6th. Finally, Mizuho lifted their price objective on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a report on Monday, October 14th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $192.79.

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.