Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Sabal Trust CO

Sabal Trust CO grew its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 77.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,418 shares of the semiconductor manufacturer's stock after buying an additional 6,728 shares during the quarter. Sabal Trust CO's holdings in Broadcom were worth $2,581,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in AVGO. Norges Bank acquired a new stake in shares of Broadcom in the 4th quarter valued at approximately $16,893,010,000. GAMMA Investing LLC grew its holdings in Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after acquiring an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD raised its position in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares in the last quarter. GQG Partners LLC lifted its holdings in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after acquiring an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Price Performance

NASDAQ:AVGO opened at $270.17 on Friday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $271.67. The firm has a market cap of $1.27 trillion, a price-to-earnings ratio of 101.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. The company's 50-day moving average is $227.46 and its two-hundred day moving average is $214.61. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating 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 business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the business posted $10.96 earnings per share. The company's revenue was up 20.2% on a year-over-year basis. Research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has authorized a stock 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 repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders 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 0.87%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the sale, the chief executive officer now directly owns 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated 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 of the company's stock, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 337,818 shares of company stock valued at $84,167,415 in the last quarter. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Benchmark upped their price target on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Rosenblatt Securities boosted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, June 6th. JPMorgan Chase & Co. upped their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Morgan Stanley increased their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Finally, Wells Fargo & Company boosted their price target on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $281.25.

Broadcom Company 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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