Hancock Whitney Corp Buys 252,560 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hancock Whitney Corp boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,062.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 276,324 shares of the semiconductor manufacturer’s stock after purchasing an additional 252,560 shares during the period. Broadcom comprises approximately 1.5% of Hancock Whitney Corp’s holdings, making the stock its 11th largest holding. Hancock Whitney Corp’s holdings in Broadcom were worth $47,666,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Castleview Partners LLC lifted its position in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 134 shares in the last quarter. Tsfg LLC lifted its position in Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after acquiring an additional 204 shares in the last quarter. Cedar Wealth Management LLC lifted its position in Broadcom by 900.0% in the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock valued at $41,000 after acquiring an additional 216 shares in the last quarter. Krane Funds Advisors LLC bought a new position in Broadcom in the 3rd quarter valued at approximately $42,000. Finally, Highline Wealth Partners LLC bought a new position in Broadcom in the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 0.0 %

Shares of AVGO stock opened at $164.74 on Wednesday. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm has a market capitalization of $769.43 billion, a PE ratio of 143.13, a PEG ratio of 1.93 and a beta of 1.17. The stock has a fifty day simple moving average of $173.76 and a two-hundred day simple moving average of $161.09.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 EPS. On average, analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Insider Activity

In related news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, 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 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the topic of several analyst reports. Mizuho upped their price objective on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Truist Financial upped their price objective on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. increased their price target on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Cantor Fitzgerald increased their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Finally, Rosenblatt Securities lowered their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Company 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.