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Morton Community Bank Has $5.86 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Morton Community Bank trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,012 shares of the semiconductor manufacturer's stock after selling 4,055 shares during the quarter. Broadcom accounts for 1.5% of Morton Community Bank's portfolio, making the stock its 4th largest holding. Morton Community Bank's holdings in Broadcom were worth $5,862,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the company. Founders Financial Alliance LLC raised its stake in shares of Broadcom by 12.9% in the first quarter. Founders Financial Alliance LLC now owns 24,902 shares of the semiconductor manufacturer's stock valued at $4,169,000 after purchasing an additional 2,843 shares in the last quarter. Summit Financial Strategies Inc. acquired a new position in shares of Broadcom in the first quarter valued at $209,000. Everett Harris & Co. CA raised its stake in shares of Broadcom by 14.0% in the first quarter. Everett Harris & Co. CA now owns 3,227 shares of the semiconductor manufacturer's stock valued at $540,000 after purchasing an additional 396 shares in the last quarter. Savvy Advisors Inc. raised its stake in shares of Broadcom by 24.8% in the first quarter. Savvy Advisors Inc. now owns 23,127 shares of the semiconductor manufacturer's stock valued at $3,872,000 after purchasing an additional 4,590 shares in the last quarter. Finally, LaSalle St. Investment Advisors LLC raised its stake in shares of Broadcom by 33.4% in the first quarter. LaSalle St. Investment Advisors LLC now owns 15,858 shares of the semiconductor manufacturer's stock valued at $2,655,000 after purchasing an additional 3,972 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the sale, the insider owned 415,956 shares of the company's stock, valued at $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 830,516 shares of company stock worth $217,224,641. Corporate insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AVGO. UBS Group increased their price objective on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Wells Fargo & Company boosted their target price on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Citigroup boosted their target price on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Finally, Arete Research raised Broadcom to a "strong-buy" rating in a report on Monday, July 28th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Broadcom has a consensus rating of "Buy" and an average target price of $294.92.

Read Our Latest Analysis on AVGO

Broadcom Price Performance

AVGO opened at $303.76 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12 month low of $134.90 and a 12 month high of $310.34. The company has a fifty day simple moving average of $271.57 and a 200 day simple moving average of $226.37. The stock has a market cap of $1.43 trillion, a P/E ratio of 113.77, a P/E/G ratio of 2.15 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the prior year, the company earned $10.96 EPS. The firm's quarterly revenue 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 year.

Broadcom Dividend Announcement

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

About Broadcom

(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.

See Also

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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.

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