Private Trust Co. NA Decreases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Private Trust Co. NA lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 4.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 43,744 shares of the semiconductor manufacturer’s stock after selling 2,163 shares during the period. Broadcom comprises 1.0% of Private Trust Co. NA’s holdings, making the stock its 8th biggest holding. Private Trust Co. NA’s holdings in Broadcom were worth $10,142,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. State Street Corp grew its position in Broadcom by 948.5% in the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after acquiring an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Broadcom by 976.6% during the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock valued at $17,055,760,000 after purchasing an additional 89,975,941 shares in the last quarter. FMR LLC boosted its stake in shares of Broadcom by 1,121.3% during the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after purchasing an additional 82,998,328 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Broadcom by 842.4% during the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Broadcom by 975.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after purchasing an additional 30,674,902 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity

In related news, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the sale, the director now owns 30,450 shares in the company, valued at approximately $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the sale, the director now owns 113,050 shares of the company’s stock, valued at $26,606,317.50. This trade represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AVGO. Deutsche Bank Aktiengesellschaft lifted their price target on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Citigroup lifted their price target on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Benchmark reissued a “buy” rating and set a $255.00 price target (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Susquehanna lifted their price target on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research note on Friday, December 13th. Finally, Hsbc Global Res raised Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $225.04.

Broadcom Trading Up 0.8 %

Shares of AVGO stock opened at $199.29 on Friday. The company has a market cap of $934.16 billion, a P/E ratio of 162.56, a PEG ratio of 2.29 and a beta of 1.02. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The stock has a 50 day simple moving average of $227.44 and a two-hundred day simple moving average of $191.86. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating the consensus estimate of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.98 earnings per share. Research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a dividend of $0.59 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.18%. Broadcom’s payout ratio is currently 191.87%.

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.