Chemung Canal Trust Co. Purchases New Position in Broadcom Inc. (NASDAQ:AVGO)

Chemung Canal Trust Co. acquired a new position in Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 7,625 shares of the semiconductor manufacturer’s stock, valued at approximately $1,768,000.

Other large investors have also recently made changes to their positions in the company. Castleview Partners LLC lifted its holdings in Broadcom by 1,030.8% in the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 134 shares during the period. Pin Oak Investment Advisors Inc. raised its position in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 135 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $37,000. JDM Financial Group LLC boosted its position in shares of Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 172 shares in the last quarter. Finally, Quarry LP purchased a new stake in Broadcom in the second quarter worth $342,000. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on AVGO shares. Bank of America boosted their target price on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday, December 13th. TD Cowen upped their price objective on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Truist Financial lifted their target price on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a report on Friday, December 13th. Rosenblatt Securities restated a “buy” rating and issued a $240.00 price target on shares of Broadcom in a research note on Wednesday, December 11th. Finally, Jefferies Financial Group lifted their price objective on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $225.83.

Broadcom Stock Down 17.4 %

AVGO stock opened at $202.13 on Tuesday. The company has a market cap of $947.46 billion, a price-to-earnings ratio of 164.87, a P/E/G ratio of 2.52 and a beta of 1.03. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The business’s 50-day moving average is $208.80 and its two-hundred day moving average is $180.62. Broadcom Inc. has a fifty-two week low of $117.43 and a fifty-two week high of $251.88.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter last year, the firm posted $0.98 earnings per share. The firm’s revenue was up 51.2% compared to the same quarter last year. As a group, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.17%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio is 192.50%.

Insider Buying and Selling

In other news, Director Diane M. Bryant sold 15,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $226.68, for a total value of $3,400,200.00. Following the transaction, the director now owns 6,460 shares of the company’s stock, valued at $1,464,352.80. This trade represents a 69.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the transaction, the director now owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. This trade represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is owned by company insiders.

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.