Broadcom Inc. (NASDAQ:AVGO) is Capital City Trust Co. FL's 5th Largest Position

Key Points

• Capital City Trust Co. FL has reduced its stake in Broadcom Inc. by 7.8%, now holding 86,563 shares, which represents 4.0% of its investment portfolio and makes it the company's 5th largest position.
• Several research firms have raised their price targets for Broadcom, with HSBC setting a target of $400.00 and a consensus rating of "Buy" with an average price target of $292.08.
• Broadcom's quarterly earnings showed a 20.2% increase in revenue year-over-year, totaling $15 billion and exceeding analysts' expectations, alongside a recently declared quarterly dividend of $0.59 per share.

Capital City Trust Co. FL lessened its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 86,563 shares of the semiconductor manufacturer's stock after selling 7,281 shares during the quarter. Broadcom accounts for 4.0% of Capital City Trust Co. FL's investment portfolio, making the stock its 5th biggest position. Capital City Trust Co. FL's holdings in Broadcom were worth $14,493,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in AVGO. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom during the fourth quarter valued at about $30,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter worth about $25,000. Inlight Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter worth about $26,000. Finally, Mpwm Advisory Solutions LLC purchased a new position in Broadcom during the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on AVGO. Morgan Stanley increased their price objective on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target for the company. The Goldman Sachs Group initiated coverage on shares of Broadcom in a research report on Thursday, July 10th. They set a "buy" rating and a $315.00 price objective on the stock. HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a report on Tuesday, June 24th. Finally, KeyCorp boosted their price target on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $292.08.

Broadcom Trading Up 0.5%

Shares of NASDAQ AVGO opened at $290.18 on Friday. The firm's 50 day moving average price is $260.05 and its 200-day moving average price is $222.13. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $292.59. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market cap of $1.36 trillion, a PE ratio of 108.68, a P/E/G ratio of 2.06 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the business earned $10.96 EPS. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Broadcom declared that its board has authorized a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the transaction, the director directly owned 33,352 shares of the company's stock, valued at $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last three months. 2.00% of the stock is owned by insiders.

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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