Whittier Trust Co. Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Whittier Trust Co. increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 947.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 689,858 shares of the semiconductor manufacturer's stock after buying an additional 623,983 shares during the period. Broadcom comprises 1.6% of Whittier Trust Co.'s investment portfolio, making the stock its 11th largest holding. Whittier Trust Co.'s holdings in Broadcom were worth $119,000,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Swedbank AB grew its position in shares of Broadcom by 858.7% during the third 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 in the last quarter. Raymond James & Associates grew its holdings in Broadcom by 855.4% during the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer's stock worth $2,186,292,000 after acquiring an additional 11,347,563 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in Broadcom by 826.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,963,813 shares of the semiconductor manufacturer's stock worth $511,258,000 after acquiring an additional 2,643,845 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Broadcom by 1,005.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,577,226 shares of the semiconductor manufacturer's stock valued at $272,072,000 after purchasing an additional 1,434,564 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Broadcom by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer's stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Buying and Selling

In related news, 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 transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction on 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 directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last ninety days. Insiders own 2.00% of the company's stock.

Broadcom Stock Performance

NASDAQ AVGO traded down $0.74 during trading hours on Wednesday, hitting $178.64. 2,604,328 shares of the stock were exchanged, compared to its average volume of 30,353,877. 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 company has a market cap of $831.55 billion, a price-to-earnings ratio of 7.72, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a 12-month low of $81.83 and a 12-month high of $186.42. The stock has a 50-day moving average of $167.61 and a 200 day moving average of $153.88.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping 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 firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The firm's revenue was up 47.3% on a year-over-year basis. As a group, equities research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.19%. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is presently 9.12%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Cantor Fitzgerald increased 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. Oppenheimer decreased their target price on Broadcom from $2,000.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, July 16th. Rosenblatt Securities lowered their price target on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a report on Friday, September 6th. StockNews.com downgraded shares of Broadcom from a "buy" rating to a "hold" rating in a research report on Tuesday, July 23rd. Finally, Truist Financial upped their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and a consensus price target of $191.54.

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.