Fulton Bank N.A. Has $14.96 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Fulton Bank N.A. reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 89,348 shares of the semiconductor manufacturer's stock after selling 7,254 shares during the period. Fulton Bank N.A.'s holdings in Broadcom were worth $14,960,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of AVGO. Vanguard Group Inc. boosted its holdings in shares of Broadcom by 1.4% during the fourth 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 stake in shares of Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after acquiring an additional 3,018,294 shares in the last quarter. FMR LLC increased its position in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares during the period. Norges Bank acquired a new stake in Broadcom in the 4th quarter worth about $16,893,010,000. Finally, Northern Trust Corp raised its position in shares of Broadcom by 12.0% in the fourth 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 in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Down 5.0%

AVGO traded down $12.98 during midday trading on Friday, hitting $246.95. 41,055,118 shares of the company were exchanged, compared to its average volume of 30,997,545. The firm has a market capitalization of $1.16 trillion, a P/E ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. The firm's 50 day moving average price is $203.73 and its 200-day moving average price is $206.22. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm's revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the business posted $10.96 earnings per share. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

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

Analyst Ratings Changes

A number of research firms have recently weighed in on AVGO. Truist Financial set a $295.00 target price on Broadcom and gave the company a "buy" rating in a research report on Friday. Benchmark upped their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday. Citigroup reiterated a "buy" rating and set a $276.00 price objective (up from $210.00) on shares of Broadcom in a research note on Tuesday. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Redburn Atlantic assumed coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price for the company. Three analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $270.25.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the insider now owns 465,956 shares of the company's stock, valued at $83,872,080. This trade represents a 5.09% 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, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred 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 directly owns 25,380 shares in the company, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 over the last quarter. Insiders own 2.00% of the company's stock.

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.