Clearstead Trust LLC Has $6.57 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Clearstead Trust LLC has increased its holdings in Broadcom Inc. by 3.7% to $6.57 million, making it the 14th largest position in its portfolio.
• Insider trading activity at Broadcom included significant share sales by both Director Justine Page and CEO Hock E. Tan, indicating potential changes in insider sentiment.
• Broadcom's stock received upgraded ratings from multiple analysts, with price targets ranging from $294.92 to $340.00, reflecting a positive outlook on the semiconductor manufacturer's performance.

Clearstead Trust LLC raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,245 shares of the semiconductor manufacturer's stock after buying an additional 1,387 shares during the quarter. Broadcom accounts for 1.5% of Clearstead Trust LLC's holdings, making the stock its 14th biggest holding. Clearstead Trust LLC's holdings in Broadcom were worth $6,571,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. True Wealth Design LLC lifted its position in shares of Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after acquiring an additional 48 shares during the period. Fulton Breakefield Broenniman LLC lifted its position in shares of Broadcom by 2.4% during the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after buying an additional 50 shares during the last quarter. American Financial Advisors LLC lifted its position in shares of Broadcom by 3.8% during the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock worth $240,000 after buying an additional 52 shares during the last quarter. GS Investments Inc. lifted its position in shares of Broadcom by 0.5% during the 1st quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer's stock worth $1,908,000 after buying an additional 52 shares during the last quarter. Finally, First Bank & Trust lifted its position in shares of Broadcom by 1.9% during the 1st quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer's stock worth $493,000 after buying an additional 55 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Broadcom

In related news, Director Justine Page sold 800 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $274.30, for a total transaction of $219,440.00. Following the completion of the sale, the director owned 24,582 shares of the company's stock, valued at $6,742,842.60. This trade represents a 3.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. This represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock valued at $217,224,641 over the last ninety days. Insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Rosenblatt Securities upped their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. KeyCorp upped their price objective on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Oppenheimer upped their price objective on Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $294.92.

Broadcom Trading Down 1.7%

Shares of AVGO stock opened at $288.64 on Monday. The stock has a market cap of $1.36 trillion, a price-to-earnings ratio of 108.10, a PEG ratio of 2.05 and a beta of 1.15. The stock has a 50-day moving average of $266.56 and a 200-day moving average of $224.50. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $306.95.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $10.96 earnings per share. On average, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

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

Broadcom Announces Dividend

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

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.

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