Citizens Business Bank Decreases Stake in Broadcom Inc. $AVGO

Key Points

• Citizens Business Bank reduced its stake in Broadcom Inc. by 1.8%, now holding 57,874 shares valued at approximately $15.95 million.
• Insider Charlie B. Kawwas sold 3,893 shares of Broadcom at an average price of $347.82, resulting in a significant decrease in ownership.
• Broadcom's recent earnings report indicates a 22% year-over-year revenue growth, with a quarterly EPS of $1.69 surpassing estimates.

Citizens Business Bank cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 57,874 shares of the semiconductor manufacturer's stock after selling 1,079 shares during the quarter. Broadcom accounts for about 3.2% of Citizens Business Bank's portfolio, making the stock its 5th largest position. Citizens Business Bank's holdings in Broadcom were worth $15,953,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom during the first quarter valued at about $25,000. Cheviot Value Management LLC acquired a new stake in shares of Broadcom during the first quarter valued at about $25,000. Sawyer & Company Inc boosted its stake in shares of Broadcom by 62.1% during the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer's stock valued at $26,000 after purchasing an additional 36 shares in the last quarter. Legend Financial Advisors Inc. acquired a new stake in shares of Broadcom during the second quarter valued at about $28,000. Finally, Wood Tarver Financial Group LLC boosted its stake in shares of Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after purchasing an additional 137 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Charlie B. Kawwas sold 3,893 shares of the business's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total transaction of $1,354,063.26. Following the completion of the sale, the insider owned 25,295 shares in the company, valued at $8,798,106.90. The trade was a 13.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 16,558 shares of the business's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.61, for a total value of $5,755,726.38. Following the sale, the insider owned 329,302 shares of the company's stock, valued at approximately $114,468,668.22. This represents a 4.79% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 3,550 shares of company stock valued at $1,227,869 and have sold 665,271 shares valued at $225,464,248. Insiders own 2.00% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on AVGO shares. JPMorgan Chase & Co. lifted their price target on Broadcom from $325.00 to $400.00 and gave the company an "overweight" rating in a research note on Friday, September 5th. Evercore ISI lifted their price target on Broadcom from $342.00 to $403.00 and gave the company an "outperform" rating in a research note on Wednesday, October 15th. Weiss Ratings lowered Broadcom from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, October 8th. Citigroup reaffirmed a "buy" rating and issued a $415.00 price objective (up from $350.00) on shares of Broadcom in a research note on Tuesday, October 14th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and issued a $340.00 price objective on shares of Broadcom in a research note on Wednesday, August 13th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Broadcom has an average rating of "Buy" and a consensus price target of $372.52.

Broadcom Trading Up 1.2%

NASDAQ AVGO opened at $344.29 on Friday. The company has a market cap of $1.63 trillion, a price-to-earnings ratio of 87.83, a P/E/G ratio of 1.92 and a beta of 1.20. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $374.23. The business has a 50 day moving average price of $330.52 and a 200-day moving average price of $273.74. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, September 4th. The semiconductor manufacturer reported $1.69 EPS for the quarter, beating the consensus estimate of $1.66 by $0.03. The firm had revenue of $15.95 billion during the quarter, compared to the consensus estimate of $15.82 billion. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.The company's quarterly revenue was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.24 earnings per share. Broadcom has set its Q4 2025 guidance at EPS. As a group, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 22nd were issued a dividend of $0.59 per share. The ex-dividend date was Monday, September 22nd. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. Broadcom's payout ratio is currently 60.20%.

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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