Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Legacy Private Trust Co.

Legacy Private Trust Co. lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 1.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 98,687 shares of the semiconductor manufacturer’s stock after selling 1,571 shares during the quarter. Broadcom comprises approximately 1.5% of Legacy Private Trust Co.’s investment portfolio, making the stock its 14th biggest holding. Legacy Private Trust Co.’s holdings in Broadcom were worth $22,880,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in AVGO. Richardson Financial Services Inc. lifted its stake in Broadcom by 2.4% during the third quarter. Richardson Financial Services Inc. now owns 2,507 shares of the semiconductor manufacturer’s stock worth $415,000 after purchasing an additional 59 shares during the last quarter. Delta Investment Management LLC raised its holdings in shares of Broadcom by 14.9% during the 2nd quarter. Delta Investment Management LLC now owns 510 shares of the semiconductor manufacturer’s stock worth $818,000 after buying an additional 66 shares in the last quarter. Raab & Moskowitz Asset Management LLC lifted its position in shares of Broadcom by 6.2% during the 2nd quarter. Raab & Moskowitz Asset Management LLC now owns 1,156 shares of the semiconductor manufacturer’s stock worth $1,856,000 after buying an additional 67 shares during the last quarter. Rise Advisors LLC boosted its stake in Broadcom by 3.0% in the fourth quarter. Rise Advisors LLC now owns 2,335 shares of the semiconductor manufacturer’s stock valued at $541,000 after buying an additional 67 shares in the last quarter. Finally, Private Client Services LLC grew its position in Broadcom by 2.1% in the fourth quarter. Private Client Services LLC now owns 3,269 shares of the semiconductor manufacturer’s stock valued at $758,000 after acquiring an additional 67 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research analyst reports. Hsbc Global Res upgraded shares of Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Piper Sandler raised their target price on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. William Blair assumed coverage on Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating for the company. Citigroup raised their price objective on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, Mizuho increased their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $221.88.

Broadcom Stock Up 0.3 %

Shares of AVGO stock traded up $0.67 on Wednesday, reaching $229.31. 18,430,239 shares of the company were exchanged, compared to its average volume of 26,920,354. Broadcom Inc. has a one year low of $106.26 and a one year high of $251.88. The company has a market cap of $1.07 trillion, a price-to-earnings ratio of 199.23, a PEG ratio of 2.15 and a beta of 1.03. The company has a 50-day moving average of $193.55 and a 200-day moving average of $174.58. 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 (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter last year, the firm posted $0.98 earnings per share. The company’s revenue for the quarter was up 51.2% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 3.79 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.03%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is 191.87%.

Insider Activity

In related news, CEO Hock E. Tan sold 45,000 shares of the stock in a transaction 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 sale, the chief executive officer now directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 20,168 shares of Broadcom stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the transaction, the insider now directly owns 321,660 shares in the company, valued at $76,809,191.40. This represents a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 155,228 shares of company stock worth $35,643,408 over the last three months. 2.00% of the stock is currently owned by insiders.

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.