American National Bank & Trust Buys 94,474 Shares of Broadcom Inc. (NASDAQ:AVGO)

American National Bank & Trust boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 866.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 105,383 shares of the semiconductor manufacturer’s stock after buying an additional 94,474 shares during the period. Broadcom makes up approximately 2.1% of American National Bank & Trust’s holdings, making the stock its 11th largest holding. American National Bank & Trust’s holdings in Broadcom were worth $18,179,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. AXA S.A. boosted its holdings in Broadcom by 2.7% during the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after acquiring an additional 7,608 shares during the period. Ensign Peak Advisors Inc lifted its position in shares of Broadcom by 19.1% during the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after purchasing an additional 84,196 shares during the last quarter. Shellback Capital LP purchased a new stake in shares of Broadcom during the second quarter valued at $60,368,000. NewEdge Advisors LLC grew its holdings in shares of Broadcom by 13.7% in the second quarter. NewEdge Advisors LLC now owns 95,011 shares of the semiconductor manufacturer’s stock worth $152,542,000 after purchasing an additional 11,422 shares during the last quarter. Finally, DigitalBridge Group Inc. purchased a new position in Broadcom in the 2nd quarter worth about $17,658,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. Insiders sold 233,452 shares of company stock worth $51,278,838 over the last three months. Insiders own 2.00% of the company’s stock.

Broadcom Trading Up 1.9 %

AVGO stock opened at $170.66 on Thursday. Broadcom Inc. has a 12-month low of $80.89 and a 12-month high of $185.16. The business’s 50-day moving average is $158.69 and its 200 day moving average is $149.13. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a market cap of $794.40 billion, a price-to-earnings ratio of 7.34, a PEG ratio of 2.78 and a beta of 1.17.

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. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the company posted $0.95 earnings per share. The business’s revenue was up 47.3% on a year-over-year basis. On average, sell-side analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued 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 was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.24%. Broadcom’s dividend payout ratio is presently 9.12%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVGO. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Barclays increased their price objective on shares of Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Evercore ISI boosted their price objective on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Finally, Benchmark reiterated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $189.23.

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.