Trust Asset Management LLC Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Trust Asset Management LLC increased its stake in Broadcom Inc. by 11.1%, now holding 53,767 shares valued at approximately $9 million, which makes up about 0.7% of its investment portfolio.
• Broadcom recently declared a quarterly dividend of $0.59 per share, resulting in an annualized dividend yield of 0.8% and a payout ratio of 88.39%.
• The company's stock currently has a consensus rating of "Buy" with an average target price of $294.92, despite some varying ratings among analysts.

Trust Asset Management LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,767 shares of the semiconductor manufacturer's stock after purchasing an additional 5,377 shares during the period. Broadcom comprises about 0.7% of Trust Asset Management LLC's holdings, making the stock its 15th biggest holding. Trust Asset Management LLC's holdings in Broadcom were worth $9,002,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of AVGO. Brighton Jones LLC lifted its holdings in shares of Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC grew its holdings in shares of Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in shares of Broadcom by 16.4% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after buying an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE boosted its position in Broadcom by 1.3% during the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after purchasing an additional 322 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Broadcom during the fourth quarter valued at $602,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

NASDAQ AVGO traded up $8.93 on Tuesday, hitting $312.83. 17,604,553 shares of the stock traded hands, compared to its average volume of 16,984,464. The business's fifty day moving average is $275.10 and its two-hundred day moving average is $227.64. Broadcom Inc. has a 12 month low of $134.90 and a 12 month high of $313.44. The firm has a market capitalization of $1.47 trillion, a price-to-earnings ratio of 117.16, a PEG ratio of 2.16 and a beta of 1.15. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the firm earned $10.96 EPS. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Analyst Ratings Changes

AVGO has been the subject of a number of research reports. Benchmark lifted their price objective on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Bank of America upped their price objective on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Barclays increased their price target on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Two research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $294.92.

Insider Buying and Selling

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction dated 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 transaction, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The shares were 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 $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,224,641 over the last 90 days. 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.