HM Payson & Co. Has $240.06 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

HM Payson & Co. lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,433,770 shares of the semiconductor manufacturer's stock after selling 94,432 shares during the period. Broadcom accounts for 4.2% of HM Payson & Co.'s holdings, making the stock its 3rd biggest holding. HM Payson & Co.'s holdings in Broadcom were worth $240,056,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in shares of Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after purchasing an additional 18,845 shares during the period. Nebula Research & Development LLC raised its stake in Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after buying an additional 14,399 shares during the last quarter. Coppell Advisory Solutions LLC lifted its holdings in Broadcom by 1,512.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock valued at $21,660,000 after buying an additional 86,884 shares during the period. Colonial Trust Co SC boosted its position in Broadcom by 14.6% during the fourth quarter. Colonial Trust Co SC now owns 10,085 shares of the semiconductor manufacturer's stock valued at $2,338,000 after acquiring an additional 1,285 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its position in Broadcom by 7.3% during the fourth quarter. Mackenzie Financial Corp now owns 2,695,694 shares of the semiconductor manufacturer's stock valued at $624,970,000 after acquiring an additional 183,474 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Up 1.8%

Shares of AVGO stock traded up $4.97 during trading hours on Friday, reaching $274.87. The company had a trading volume of 10,592,655 shares, compared to its average volume of 28,575,138. The company has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71. The business has a fifty day simple moving average of $238.77 and a 200-day simple moving average of $217.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period last year, the business earned $10.96 EPS. The business's revenue was up 20.2% on a year-over-year basis. On average, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared 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 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on AVGO shares. Wells Fargo & Company boosted their price objective on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Redburn Atlantic started coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. Truist Financial set a $295.00 price target on Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a research note on Tuesday, June 24th. Finally, Evercore ISI reissued an "outperform" rating and set a $304.00 target price (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $281.46.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the transaction, the chief financial officer directly owned 325,587 shares in the company, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock worth $221,433,761 in the last ninety days. 2.00% of the stock is owned by corporate insiders.

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.