Broadcom Inc. (NASDAQ:AVGO) is Community Trust & Investment Co.'s 7th Largest Position

Community Trust & Investment Co. lessened its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 249,190 shares of the semiconductor manufacturer's stock after selling 4,005 shares during the quarter. Broadcom accounts for approximately 2.7% of Community Trust & Investment Co.'s portfolio, making the stock its 7th biggest position. Community Trust & Investment Co.'s holdings in Broadcom were worth $41,722,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVGO. Avid Wealth Partners LLC grew its stake in shares of Broadcom by 39.6% during the first quarter. Avid Wealth Partners LLC now owns 1,210 shares of the semiconductor manufacturer's stock worth $203,000 after purchasing an additional 343 shares in the last quarter. Mason & Associates Inc grew its stake in shares of Broadcom by 10.5% during the first quarter. Mason & Associates Inc now owns 6,105 shares of the semiconductor manufacturer's stock worth $1,022,000 after purchasing an additional 578 shares in the last quarter. Sentry LLC grew its stake in shares of Broadcom by 16.5% during the first quarter. Sentry LLC now owns 2,307 shares of the semiconductor manufacturer's stock worth $386,000 after purchasing an additional 327 shares in the last quarter. Highline Wealth Partners LLC grew its stake in shares of Broadcom by 26.3% during the first quarter. Highline Wealth Partners LLC now owns 341 shares of the semiconductor manufacturer's stock worth $57,000 after purchasing an additional 71 shares in the last quarter. Finally, Precision Wealth Strategies LLC grew its stake in shares of Broadcom by 21.1% during the first quarter. Precision Wealth Strategies LLC now owns 15,387 shares of the semiconductor manufacturer's stock worth $2,576,000 after purchasing an additional 2,680 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer now directly owns 1,014,152 shares of the company's stock, valued at $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 848,334 shares of company stock valued at $163,560,669 over the last ninety days. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Up 1.4%

NASDAQ AVGO opened at $252.10 on Tuesday. The stock has a market capitalization of $1.19 trillion, a P/E ratio of 205.63, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The firm has a 50-day moving average price of $214.93 and a 200 day moving average price of $210.47. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the prior year, the company posted $10.96 earnings per share. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.94%. Broadcom's dividend payout ratio is currently 88.39%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on AVGO shares. Wall Street Zen downgraded shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday. Oppenheimer upped their price objective on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Wells Fargo & Company upped their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. UBS Group upped their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $276.09.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.