Broadcom Inc. (NASDAQ:AVGO) Shares Bought by CNB Bank

CNB Bank raised its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,410 shares of the semiconductor manufacturer's stock after purchasing an additional 2,137 shares during the period. Broadcom comprises 1.5% of CNB Bank's holdings, making the stock its 14th largest position. CNB Bank's holdings in Broadcom were worth $2,915,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of AVGO. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at approximately $26,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the first quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the fourth quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the fourth quarter valued at approximately $32,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director now owns 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider now owns 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 811,716 shares of company stock worth $209,906,771. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AVGO shares. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. JPMorgan Chase & Co. raised their target price on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Morgan Stanley lifted their price objective on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Finally, Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $281.25.

Broadcom Price Performance

NASDAQ:AVGO opened at $269.35 on Friday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $271.85. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $1.27 trillion, a P/E ratio of 100.88, a P/E/G ratio of 1.92 and a beta of 1.11. The stock's fifty day moving average is $229.43 and its two-hundred day moving average is $215.28.

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

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

Broadcom Dividend Announcement

The company also recently disclosed 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 is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.88%. Broadcom's dividend payout ratio is presently 88.39%.

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.

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