City Holding Co. Boosts Position in Broadcom Inc. (NASDAQ:AVGO)

City Holding Co. grew its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 50.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,023 shares of the semiconductor manufacturer's stock after buying an additional 1,355 shares during the quarter. City Holding Co.'s holdings in Broadcom were worth $674,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Norges Bank acquired a new position in shares of Broadcom in the 4th quarter valued at $16,893,010,000. GAMMA Investing LLC boosted 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 buying an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Broadcom by 46.9% during the 4th 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 buying an additional 15,171,849 shares during the period. GQG Partners LLC increased its stake in shares of Broadcom by 200.0% in the 4th 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 last quarter. Finally, Vanguard Group Inc. increased its stake 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 purchasing an additional 6,573,204 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. This trade represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 720,576 shares of company stock valued at $131,249,694. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on AVGO. Evercore ISI raised their price target on Broadcom from $267.00 to $304.00 and gave the stock an "outperform" rating in a research report on Friday. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research report on Friday. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a research report on Friday. UBS Group upped their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday. Finally, Barclays lifted their price target on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday. Two analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $272.71.

Broadcom Trading Up 0.1%

Shares of AVGO stock traded up $0.35 on Tuesday, hitting $244.63. The company had a trading volume of 25,453,945 shares, compared to its average volume of 31,006,415. The firm has a market cap of $1.15 trillion, a P/E ratio of 199.54, a P/E/G ratio of 2.29 and a beta of 1.11. The stock's 50-day moving average is $205.17 and its two-hundred day moving average is $207.37. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43.

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, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business's quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the company posted $10.96 EPS. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has authorized a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. Broadcom's dividend payout ratio 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.