Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Avalon Trust Co

Key Points

• Avalon Trust Co increased its holdings in Broadcom by 2.1%, owning 353,528 shares worth approximately $59.19 million, making it the 8th largest holding in their portfolio.
• Broadcom's recent earnings report showed a 20.2% year-over-year revenue increase to $15 billion, surpassing analysts' estimates, alongside earnings per share of $1.58.
• Several brokerages upgraded Broadcom's stock rating, with HSBC and JPMorgan Chase setting target prices as high as $400 and $325, respectively.

Avalon Trust Co lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 353,528 shares of the semiconductor manufacturer's stock after acquiring an additional 7,122 shares during the period. Broadcom accounts for about 4.7% of Avalon Trust Co's portfolio, making the stock its 8th largest position. Avalon Trust Co's holdings in Broadcom were worth $59,191,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. True Wealth Design LLC raised its position in shares of Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after purchasing an additional 48 shares during the last quarter. Mizuho Bank Ltd. raised its position in shares of Broadcom by 7.1% in the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after purchasing an additional 50 shares during the last quarter. Fulton Breakefield Broenniman LLC raised its position in shares of Broadcom by 2.4% in the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after purchasing an additional 50 shares during the last quarter. American Financial Advisors LLC raised its position in shares of Broadcom by 3.8% in the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock worth $240,000 after purchasing an additional 52 shares during the last quarter. Finally, GS Investments Inc. raised its position in shares of Broadcom by 0.5% in the 1st quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer's stock worth $1,908,000 after purchasing an additional 52 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AVGO. Rosenblatt Securities boosted their target price on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. UBS Group boosted their target price on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Truist Financial set a $295.00 target price on Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Citigroup boosted their target price on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $294.92.

Broadcom Stock Performance

AVGO traded down $5.06 during trading on Friday, hitting $288.64. 21,405,316 shares of the stock were exchanged, compared to its average volume of 17,067,202. The firm has a market capitalization of $1.36 trillion, a P/E ratio of 108.10, a PEG ratio of 2.05 and a beta of 1.15. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $306.95. The stock has a fifty day moving average price of $266.56 and a two-hundred day moving average price of $224.50. 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 (NASDAQ:AVGO - Get Free Report) last announced its 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the business posted $10.96 EPS. The company's revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors 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 yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

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

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the business's 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 sale, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the sale, the chief financial officer owned 361,937 shares in the company, valued at $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have 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 currently owned by corporate insiders.

Broadcom Profile

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.