Broadcom Inc. $AVGO Shares Purchased by Grove Bank & Trust

Grove Bank & Trust raised its position in Broadcom Inc. (NASDAQ:AVGO) by 79.0% during the 3rd quarter, Holdings Channel reports. The firm owned 21,060 shares of the semiconductor manufacturer’s stock after acquiring an additional 9,296 shares during the quarter. Grove Bank & Trust’s holdings in Broadcom were worth $6,948,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of AVGO. Redwood Financial Network Corp grew its stake in Broadcom by 1.7% in the 2nd quarter. Redwood Financial Network Corp now owns 1,939 shares of the semiconductor manufacturer’s stock valued at $535,000 after acquiring an additional 33 shares during the last quarter. BancFirst Trust & Investment Management raised its position in Broadcom by 2.9% during the third quarter. BancFirst Trust & Investment Management now owns 1,235 shares of the semiconductor manufacturer’s stock worth $405,000 after acquiring an additional 35 shares during the last quarter. Sawyer & Company Inc raised its position in Broadcom by 62.1% during the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 36 shares during the last quarter. PFS Partners LLC lifted its holdings in shares of Broadcom by 38.4% in the second quarter. PFS Partners LLC now owns 137 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 38 shares in the last quarter. Finally, Costello Asset Management INC grew its position in shares of Broadcom by 1.5% in the second quarter. Costello Asset Management INC now owns 2,528 shares of the semiconductor manufacturer’s stock valued at $697,000 after purchasing an additional 38 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Argus lifted their price objective on Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Deutsche Bank Aktiengesellschaft set a $430.00 price target on Broadcom and gave the stock a “buy” rating in a research report on Friday. Piper Sandler reissued an “overweight” rating and issued a $430.00 price target (up from $375.00) on shares of Broadcom in a report on Friday. Oppenheimer upped their price objective on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Finally, Wells Fargo & Company increased their price objective on Broadcom from $255.00 to $345.00 and gave the company an “equal weight” rating in a research note on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Broadcom has a consensus rating of “Buy” and a consensus target price of $435.96.

Broadcom Price Performance

AVGO stock opened at $341.30 on Wednesday. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61. The stock’s fifty day simple moving average is $363.35 and its 200-day simple moving average is $319.91. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $1.61 trillion, a price-to-earnings ratio of 71.70, a price-to-earnings-growth ratio of 1.23 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating the consensus estimate of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The firm had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. During the same period in the prior year, the firm posted $1.42 earnings per share. The business’s quarterly revenue was up 28.2% compared to the same quarter last year. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is currently 49.58%.

Insider Transactions at Broadcom

In related news, Director Henry Samueli sold 368,797 shares of the firm’s stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $337.91, for a total value of $124,620,194.27. Following the sale, the director directly owned 37,722,534 shares of the company’s stock, valued at approximately $12,746,821,463.94. This trade represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the transaction, the chief executive officer directly owned 725,638 shares of the company’s stock, valued at $246,412,152.04. This trade represents a 12.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 790,713 shares of company stock worth $287,419,394 in the last three months. Company insiders own 2.00% of the company’s stock.

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.