Keybank National Association OH Decreases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Keybank National Association OH trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,884,949 shares of the semiconductor manufacturer's stock after selling 47,147 shares during the quarter. Broadcom accounts for approximately 1.3% of Keybank National Association OH's holdings, making the stock its 16th largest position. Keybank National Association OH's holdings in Broadcom were worth $315,597,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom during the first quarter valued at approximately $25,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth $26,000. Inlight Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the 4th quarter worth $30,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AVGO has been the topic of several analyst reports. Cowen reiterated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Barclays raised their price objective on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Oppenheimer boosted their price objective on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $281.25.

Insider Transactions at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 854,716 shares of company stock worth $221,433,761. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Price Performance

Shares of Broadcom stock opened at $269.90 on Thursday. The firm has a market cap of $1.27 trillion, a PE ratio of 101.09, a PEG ratio of 1.88 and a beta of 1.12. The stock has a 50 day moving average of $235.38 and a 200 day moving average of $216.81. 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 12 month low of $128.50 and a 12 month high of $277.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the prior year, the firm earned $10.96 EPS. The company's revenue for the quarter was up 20.2% on a year-over-year basis. On average, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.87%. Broadcom's payout ratio is currently 88.39%.

Broadcom announced that its Board of Directors has initiated 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 repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

Broadcom Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.