Montecito Bank & Trust Has $3.59 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Montecito Bank & Trust increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,134.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,783 shares of the semiconductor manufacturer's stock after buying an additional 19,099 shares during the quarter. Montecito Bank & Trust's holdings in Broadcom were worth $3,585,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Swedbank AB boosted its stake in shares of Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock worth $3,168,798,000 after buying an additional 16,453,718 shares during the last quarter. Van ECK Associates Corp boosted its position in Broadcom by 917.8% during the third quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer's stock valued at $2,203,837,000 after purchasing an additional 11,453,554 shares during the last quarter. Raymond James & Associates boosted its position in Broadcom by 855.4% during the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer's stock valued at $2,186,292,000 after purchasing an additional 11,347,563 shares during the last quarter. International Assets Investment Management LLC grew its stake in Broadcom by 226,130.5% in the third quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer's stock valued at $14,224,520,000 after purchasing an additional 8,242,455 shares in the last quarter. Finally, National Pension Service increased its position in shares of Broadcom by 1,045.4% during the 3rd quarter. National Pension Service now owns 8,273,157 shares of the semiconductor manufacturer's stock worth $1,427,120,000 after purchasing an additional 7,550,878 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company's stock, valued at $217,594,136.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated 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 transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company's stock.

Broadcom Price Performance

AVGO stock traded down $0.17 during midday trading on Friday, reaching $183.64. The company had a trading volume of 13,503,154 shares, compared to its average volume of 18,921,780. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The company has a market capitalization of $857.70 billion, a price-to-earnings ratio of 159.69, a price-to-earnings-growth ratio of 2.11 and a beta of 1.17. The stock has a 50 day moving average price of $170.75 and a 200-day moving average price of $157.78.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data 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. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion for the quarter, compared to analysts' expectations of $12.98 billion. During the same period last year, the firm posted $0.95 earnings per share. The firm's quarterly revenue was up 47.3% compared to the same quarter last year. Equities research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.15%. Broadcom's dividend payout ratio is presently 184.35%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Rosenblatt Securities decreased their target price on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research note on Friday, September 6th. Truist Financial lifted their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research report on Tuesday, October 8th. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a research note on Friday, September 6th. William Blair assumed coverage on Broadcom in a research report on Wednesday, September 18th. They set an "outperform" rating on the stock. Finally, Cantor Fitzgerald raised their price objective on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research report on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.