Broadcom Inc. $AVGO Shares Bought by Glenview Trust Co

Key Points

• Glenview Trust Co. increased its Broadcom stake by 1% in the third quarter, adding 4,915 shares to reach 490,201 shares valued at approximately $172.2 million. Broadcom represented 2.3% of the firm’s portfolio.
• Institutional ownership remains substantial, with State Street, Bank of America, Wellington Management and UBS among major holders increasing their positions; institutions collectively own 76.43% of Broadcom.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $530.52. Broadcom also reported quarterly revenue growth of 85.5% year over year and earnings that exceeded estimates.

Glenview Trust Co lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 490,201 shares of the semiconductor manufacturer's stock after purchasing an additional 4,915 shares during the quarter. Broadcom comprises 2.3% of Glenview Trust Co's portfolio, making the stock its 8th largest position. Glenview Trust Co's holdings in Broadcom were worth $172,154,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in AVGO. State Street Corp increased its position in Broadcom by 8.7% in the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer's stock worth $75,367,711,000 after buying an additional 16,651,378 shares during the period. Bank of America Corp DE lifted its stake in Broadcom by 4.6% in the second quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer's stock valued at $23,202,543,000 after buying an additional 2,685,916 shares during the last quarter. Wellington Management Group LLP lifted its stake in Broadcom by 3.8% in the second quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer's stock valued at $19,484,611,000 after buying an additional 1,892,721 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Broadcom by 2.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer's stock valued at $15,178,195,000 after acquiring an additional 1,140,598 shares during the period. Finally, Legal & General Group Plc acquired a new position in shares of Broadcom during the second quarter valued at $11,998,148,000. Institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on AVGO shares. TD Cowen reaffirmed a "buy" rating and issued a $475.00 price objective (down from $500.00) on shares of Broadcom in a report on Thursday, September 3rd. Bank of America reduced their target price on shares of Broadcom from $530.00 to $460.00 and set a "buy" rating for the company in a research note on Thursday, September 3rd. Citigroup cut shares of Broadcom from a "buy" rating to a "neutral" rating in a research report on Tuesday, October 27th. BNP Paribas Exane raised their price target on shares of Broadcom from $675.00 to $715.00 and gave the company an "outperform" rating in a research note on Friday, September 4th. Finally, Weiss Ratings upgraded shares of Broadcom from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $530.52.

Broadcom Price Performance

Shares of Broadcom stock opened at $322.23 on Tuesday. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57. The company's 50-day moving average price is $351.88 and its two-hundred day moving average price is $366.79. Broadcom Inc. has a 52 week low of $289.96 and a 52 week high of $495.00. The stock has a market cap of $1.54 trillion, a PE ratio of 41.15 and a beta of 1.46.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, beating the consensus estimate of $3.22 by $0.10. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The company had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. During the same quarter last year, the firm posted $1.69 EPS. The business's revenue for the quarter was up 85.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 annualized dividend and a yield of 0.8%. Broadcom's dividend payout ratio is currently 33.21%.

Broadcom Company Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company's semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.

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