Legacy Private Trust Co. Reduces Stake in Broadcom Inc. (NASDAQ:AVGO)

Legacy Private Trust Co. lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.6% in the 4th quarter, HoldingsChannel reports. The firm owned 98,687 shares of the semiconductor manufacturer’s stock after selling 1,571 shares during the quarter. Broadcom accounts for 1.5% of Legacy Private Trust Co.’s portfolio, making the stock its 14th biggest position. Legacy Private Trust Co.’s holdings in Broadcom were worth $22,880,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. State Street Corp grew its stake in Broadcom by 948.5% in the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after buying an additional 166,844,263 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Broadcom by 976.6% in 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 raised its stake in shares of Broadcom by 1,121.3% during the 3rd 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 during the period. Jennison Associates LLC lifted its holdings in Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $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 Broadcom by 975.4% in the 3rd 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 worth $5,833,894,000 after purchasing an additional 30,674,902 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Truist Financial boosted their target price on Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Mizuho raised their price target on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Bank of America upped their price objective on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Morgan Stanley lifted their target price on shares of Broadcom from $233.00 to $265.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $221.88.

Broadcom Trading Up 0.3 %

Shares of AVGO stock traded up $0.67 during mid-day trading on Wednesday, reaching $229.31. The stock had a trading volume of 18,430,239 shares, compared to its average volume of 26,920,354. The firm has a market capitalization of $1.07 trillion, a PE ratio of 199.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.03. The stock’s 50-day moving average price is $193.55 and its two-hundred day moving average price is $174.58. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 52-week low of $106.26 and a 52-week high of $251.88.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (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 company had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter in the previous year, the business earned $0.98 EPS. Broadcom’s revenue was up 51.2% compared to the same quarter last year. Equities analysts expect that Broadcom Inc. will post 3.79 earnings per share for the current fiscal year.

Broadcom Increases Dividend

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

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 20,168 shares of Broadcom stock in a transaction that occurred 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 sale, the insider now directly owns 321,660 shares in the company, valued at $76,809,191.40. The trade was a 5.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 45,000 shares of the company’s 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 in the company, valued at approximately $202,246,926.56. The trade was a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 155,228 shares of company stock worth $35,643,408 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

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.