Broadcom Inc. (NASDAQ:AVGO) is Field & Main Bank's 10th Largest Position

Field & Main Bank lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,997 shares of the semiconductor manufacturer's stock after selling 1,203 shares during the period. Broadcom accounts for approximately 2.2% of Field & Main Bank's portfolio, making the stock its 10th biggest holding. Field & Main Bank's holdings in Broadcom were worth $6,194,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Canton Hathaway LLC bought a new position in Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter worth $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom during the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in Broadcom during the 4th quarter worth $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

NASDAQ AVGO opened at $263.77 on Wednesday. The company has a market capitalization of $1.24 trillion, a price-to-earnings ratio of 98.79, a PEG ratio of 1.81 and a beta of 1.11. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.87. The stock has a fifty day simple moving average of $223.68 and a 200 day simple moving average of $213.63.

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

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.89%. Broadcom's payout ratio is 88.39%.

Broadcom declared that its board has initiated a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of recent analyst reports. Evercore ISI restated an "outperform" rating and issued a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Wells Fargo & Company increased their price target on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Cowen restated a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. UBS Group increased their price objective on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Three research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and an average target price of $281.25.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider now directly owns 789,784 shares in the company, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 211,468 shares of company stock worth $51,519,450. Company insiders own 2.00% of the company's stock.

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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