Central Pacific Bank Trust Division Buys 15,569 Shares of Broadcom Inc. (NASDAQ:AVGO)

Central Pacific Bank Trust Division lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 927.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,248 shares of the semiconductor manufacturer’s stock after acquiring an additional 15,569 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Broadcom were worth $2,975,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Boltwood Capital Management raised its position in Broadcom by 1,114.3% during the 3rd quarter. Boltwood Capital Management now owns 1,700 shares of the semiconductor manufacturer’s stock valued at $293,000 after purchasing an additional 1,560 shares in the last quarter. Kades & Cheifetz LLC raised its holdings in shares of Broadcom by 903.4% in the third quarter. Kades & Cheifetz LLC now owns 6,572 shares of the semiconductor manufacturer’s stock valued at $1,134,000 after acquiring an additional 5,917 shares in the last quarter. JLB & Associates Inc. lifted its stake in Broadcom by 1,841.1% in the third quarter. JLB & Associates Inc. now owns 7,182 shares of the semiconductor manufacturer’s stock worth $1,239,000 after acquiring an additional 6,812 shares during the period. General Partner Inc. grew its holdings in Broadcom by 900.0% during the 3rd quarter. General Partner Inc. now owns 6,630 shares of the semiconductor manufacturer’s stock worth $1,144,000 after acquiring an additional 5,967 shares in the last quarter. Finally, Trust Co of the South increased its position in Broadcom by 900.0% during the 3rd quarter. Trust Co of the South now owns 3,880 shares of the semiconductor manufacturer’s stock valued at $669,000 after purchasing an additional 3,492 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

AVGO has been the topic of a number of recent research reports. Jefferies Financial Group increased their price objective on shares of Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Wells Fargo & Company increased their target price on Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a research report on Thursday, June 13th. StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Benchmark reiterated a “buy” rating and issued a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Finally, UBS Group cut their price objective on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $189.23.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on 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 disclosure for this sale can be found here. Insiders sold a total of 233,452 shares of company stock worth $51,278,838 in the last three months. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

NASDAQ:AVGO opened at $170.66 on Thursday. The firm’s fifty day moving average is $158.69 and its two-hundred day moving average is $149.13. The firm 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. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a one year low of $80.89 and a one year high of $185.16.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 earnings per share. Research analysts expect that Broadcom Inc. will post 3.78 EPS for the current 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 paid a dividend of $0.53 per share. This is a boost 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 1.24%. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

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.