Berkshire Bank Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Berkshire Bank grew its holdings in Broadcom Inc. (NASDAQ:AVGOFree Report) by 10.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 555 shares of the semiconductor manufacturer’s stock after buying an additional 51 shares during the quarter. Berkshire Bank’s holdings in Broadcom were worth $736,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Stuart Chaussee & Associates Inc. purchased a new position in shares of Broadcom in the fourth quarter valued at approximately $25,000. Legend Financial Advisors Inc. lifted its holdings in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares in the last quarter. PSI Advisors LLC boosted its stake in Broadcom by 66.7% during the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after purchasing an additional 10 shares during the last quarter. BKM Wealth Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth $29,000. Finally, Richardson Capital Management LLC acquired a new stake in shares of Broadcom in the first quarter valued at about $29,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on AVGO. Benchmark reissued a “buy” rating and issued a $1,720.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Rosenblatt Securities restated a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a research report on Thursday, March 21st. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $1,700.00 price target on shares of Broadcom in a report on Thursday, March 21st. Jefferies Financial Group began coverage on shares of Broadcom in a report on Monday, May 13th. They issued a “buy” rating and a $1,550.00 price objective on the stock. Finally, TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and upped their target price for the company from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $1,296.91.

Get Our Latest Report on Broadcom

Broadcom Stock Down 1.0 %

NASDAQ AVGO traded down $14.83 on Tuesday, hitting $1,399.20. 1,532,374 shares of the stock were exchanged, compared to its average volume of 2,785,168. Broadcom Inc. has a fifty-two week low of $674.12 and a fifty-two week high of $1,445.40. The company has a 50-day moving average price of $1,315.89 and a 200-day moving average price of $1,194.30. The company has a market cap of $648.42 billion, a PE ratio of 51.86, a PEG ratio of 2.83 and a beta of 1.25. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGOGet Free Report) last posted its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. Broadcom’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.83 earnings per share. Sell-side analysts anticipate that Broadcom Inc. will post 36.06 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.50%. Broadcom’s dividend payout ratio is currently 77.84%.

Insiders Place Their Bets

In other news, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares in the company, valued at approximately $62,465.85. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Broadcom news, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the sale, the insider now owns 16,575 shares in the company, valued at $22,276,800. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is owned by corporate insiders.

Broadcom Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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