Atlantic Union Bankshares Corp Lowers Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Atlantic Union Bankshares Corp lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 157,704 shares of the semiconductor manufacturer's stock after selling 1,362 shares during the quarter. Broadcom makes up about 1.6% of Atlantic Union Bankshares Corp's investment portfolio, making the stock its 11th biggest position. Atlantic Union Bankshares Corp's holdings in Broadcom were worth $26,404,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Broadcom in the 1st quarter valued at $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter worth $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom in the fourth quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC grew its position in Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after acquiring an additional 137 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Trading Down 1.1%

Shares of NASDAQ:AVGO opened at $283.34 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company's 50-day moving average price is $254.41 and its 200 day moving average price is $220.25. The company has a market cap of $1.33 trillion, a PE ratio of 106.12, a P/E/G ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $288.28.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company earned $10.96 earnings per share. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has approved a share buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.83%. Broadcom's dividend payout ratio is currently 88.39%.

Insiders Place Their Bets

In related news, Director Henry Samueli sold 473,898 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company's stock, valued at $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 830,516 shares of company stock worth $217,224,641. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

AVGO has been the subject of several recent research reports. Cowen reissued a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Redburn Atlantic started coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Barclays raised their target price on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. KeyCorp upped their price target on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $292.08.

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.

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