Hemenway Trust Co LLC Has $2.79 Million Stock Position in Broadcom Inc. $AVGO

Key Points

• Hemenway Trust Co LLC boosted its Broadcom stake by 289.9% in the fourth quarter, ending with 8,070 shares valued at about $2.79 million.
• Broadcom reported strong quarterly results, with EPS of $2.05 topping estimates and revenue of $19.31 billion, up 29.5% from a year earlier.
• Despite the solid performance, insiders sold shares in recent months, and analysts currently rate the stock Moderate Buy with a consensus price target of $435.30.

Hemenway Trust Co LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 289.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,070 shares of the semiconductor manufacturer's stock after buying an additional 6,000 shares during the quarter. Hemenway Trust Co LLC's holdings in Broadcom were worth $2,793,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. JCIC Asset Management Inc. purchased a new stake in shares of Broadcom in the third quarter worth approximately $31,000. Miller Global Investments LLC purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $31,000. Nvest Wealth Strategies Inc. purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $33,000. Manning & Napier Advisors LLC purchased a new stake in shares of Broadcom in the third quarter worth approximately $34,000. Finally, Family CFO Inc purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Kirsten M. Spears sold 36,292 shares of the firm's stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $11,671,507.20. Following the completion of the transaction, the chief financial officer directly owned 327,760 shares of the company's stock, valued at $105,407,616. This trade represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 50,488 shares of the firm's stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $16,236,940.80. Following the completion of the transaction, the insider directly owned 278,141 shares of the company's stock, valued at $89,450,145.60. The trade was a 15.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 324,282 shares of company stock valued at $106,425,249 over the last three months. Insiders own 1.90% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $428.43 on Tuesday. The stock has a fifty day simple moving average of $356.98 and a two-hundred day simple moving average of $352.45. Broadcom Inc. has a 1-year low of $215.88 and a 1-year high of $437.68. The firm has a market cap of $2.03 trillion, a price-to-earnings ratio of 83.68, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business had revenue of $19.31 billion during the quarter, compared to analyst estimates of $19.10 billion. During the same period in the prior year, the company earned $1.60 earnings per share. Broadcom's revenue was up 29.5% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 9.95 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd were issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, March 23rd. Broadcom's dividend payout ratio (DPR) is presently 50.78%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on AVGO shares. Erste Group Bank downgraded Broadcom from a "buy" rating to a "hold" rating in a research note on Thursday, April 2nd. Mizuho reissued an "outperform" rating and issued a $480.00 price objective on shares of Broadcom in a research note on Thursday, April 16th. Wolfe Research raised Broadcom from a "peer perform" rating to an "outperform" rating and set a $400.00 price objective for the company in a research note on Friday, January 30th. Bank of America lowered their price objective on Broadcom from $500.00 to $450.00 and set a "buy" rating for the company in a research note on Thursday, March 5th. Finally, Citigroup increased their price objective on Broadcom from $458.00 to $475.00 and gave the stock a "buy" rating in a research note on Thursday, March 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $435.30.

Broadcom Company Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.