First National Trust Co Trims Holdings in Broadcom Inc. (NASDAQ:AVGO)

First National Trust Co cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 210,670 shares of the semiconductor manufacturer's stock after selling 10,446 shares during the quarter. Broadcom comprises about 1.8% of First National Trust Co's investment portfolio, making the stock its 12th largest position. First National Trust Co's holdings in Broadcom were worth $48,842,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in AVGO. Swedbank AB lifted its stake in Broadcom by 858.7% in the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock valued at $3,168,798,000 after buying an additional 16,453,718 shares during the last quarter. Howard Capital Management Group LLC increased its stake in Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer's stock worth $524,000 after purchasing an additional 2,908 shares in the last quarter. Pettinga Financial Advisors LLC grew its stake in shares of Broadcom by 896.9% in the 3rd quarter. Pettinga Financial Advisors LLC now owns 2,911 shares of the semiconductor manufacturer's stock valued at $502,000 after buying an additional 2,619 shares in the last quarter. Impax Asset Management Group plc lifted its holdings in Broadcom by 884.6% in the 3rd quarter. Impax Asset Management Group plc now owns 119,529 shares of the semiconductor manufacturer's stock worth $20,619,000 after purchasing an additional 107,389 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock worth $1,238,966,000 after purchasing an additional 6,540,800 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Kirsten M. Spears sold 12,570 shares of the firm's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $229.62, for a total transaction of $2,886,323.40. Following the completion of the transaction, the chief financial officer now directly owns 325,443 shares of the company's stock, valued at $74,728,221.66. This trade represents a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 transaction of $1,569,600.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 191,278 shares of company stock worth $44,964,800. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Down 1.5 %

AVGO stock opened at $191.36 on Friday. The firm's 50-day simple moving average is $218.86 and its 200 day simple moving average is $193.43. The stock has a market cap of $899.76 billion, a PE ratio of 156.09, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. 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 Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88.

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Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. During the same quarter last year, the firm earned $0.98 earnings per share. The company's revenue for the quarter was up 51.2% on a year-over-year basis. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be paid a dividend of $0.59 per share. The ex-dividend date is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.23%. Broadcom's dividend payout ratio is currently 113.46%.

Analysts Set New Price Targets

Several analysts have recently commented on AVGO shares. TD Cowen increased their target price on Broadcom from $210.00 to $240.00 and gave the stock a "buy" rating in a report on Friday, December 13th. William Blair restated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Truist Financial increased their price target on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. Finally, Jefferies Financial Group raised their target price on Broadcom from $205.00 to $225.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $231.48.

About Broadcom

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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