Citizens National Bank Trust Department Sells 2,726 Shares of Broadcom Inc. (NASDAQ:AVGO)

Citizens National Bank Trust Department lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,818 shares of the semiconductor manufacturer's stock after selling 2,726 shares during the period. Broadcom makes up about 3.0% of Citizens National Bank Trust Department's investment portfolio, making the stock its 4th biggest position. Citizens National Bank Trust Department's holdings in Broadcom were worth $14,034,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares during the period. Geode Capital Management LLC grew its holdings in Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after buying an additional 3,018,294 shares during the last quarter. FMR LLC grew its holdings in Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after buying an additional 2,873,809 shares during the last quarter. Norges Bank acquired a new stake in Broadcom during the 4th quarter valued at $16,893,010,000. Finally, Northern Trust Corp grew its holdings in Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after buying an additional 5,258,925 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares of the company's stock, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer now directly owns 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 811,716 shares of company stock valued at $209,906,771. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on AVGO shares. JPMorgan Chase & Co. increased their target price on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Wall Street Zen cut Broadcom from a "buy" rating to a "hold" rating in a report on Sunday, June 15th. Bank of America increased their target price on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Evercore ISI reissued an "outperform" rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Finally, Wells Fargo & Company increased 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 investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of "Buy" and a consensus price target of $281.25.

Broadcom Trading Down 0.3%

NASDAQ:AVGO opened at $269.35 on Monday. The business's 50-day moving average is $229.43 and its two-hundred day moving average is $215.75. 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 $274.30. The firm has a market capitalization of $1.27 trillion, a PE ratio of 100.88, a price-to-earnings-growth ratio of 1.92 and a beta of 1.11.

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, 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 company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the company posted $10.96 earnings per share. The firm's revenue was up 20.2% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has initiated 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 shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.88%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) 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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