Heartland Bank & Trust Co lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,046 shares of the semiconductor manufacturer's stock after selling 2,089 shares during the quarter. Broadcom comprises 1.3% of Heartland Bank & Trust Co's portfolio, making the stock its 12th largest holding. Heartland Bank & Trust Co's holdings in Broadcom were worth $2,519,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Canton Hathaway LLC bought a new position in shares of Broadcom in the fourth quarter worth about $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the 4th quarter valued at approximately $26,000. Inlight Wealth Management LLC acquired a new stake in Broadcom in the 1st quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the 4th quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in Broadcom in the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 76.43% of the company's stock.
Broadcom Stock Performance
Broadcom stock opened at $249.99 on Friday. The firm has a market capitalization of $1.18 trillion, a P/E ratio of 93.63, a P/E/G ratio of 1.78 and a beta of 1.11. The stock has a fifty day moving average price of $220.48 and a two-hundred day moving average price of $212.46. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. 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 (NASDAQ:AVGO - Get Free Report) last posted its earnings results 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the firm earned $10.96 EPS. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.94%. Broadcom's dividend payout ratio is 88.39%.
Broadcom announced that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on the stock. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Morgan Stanley raised their price target on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Barclays boosted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Rosenblatt Securities increased their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Evercore ISI reissued an "outperform" rating and set a $304.00 target price (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Three research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $276.09.
Get Our Latest Stock Analysis on Broadcom
Insider Transactions at Broadcom
In related news, Director Justine Page sold 800 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 849,134 shares of company stock valued at $163,760,949. Corporate insiders own 2.00% of the company's stock.
Broadcom Company Profile
(
Free Report)
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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