Stonebridge Financial Group LLC MO Invests $1.77 Million in Broadcom Inc. $AVGO

Key Points

• Stonebridge Financial Group bought 5,104 Broadcom shares in the fourth quarter, a position worth about $1.77 million and equal to roughly 1.5% of its portfolio.
• Insiders have been selling Broadcom stock recently, including sizable March sales by Charlie B. Kawwas and Mark David Brazeal; insiders sold 324,282 shares worth about $106.4 million over the last 90 days.
• Broadcom reported better-than-expected quarterly results with EPS of $2.05 and revenue of $19.31 billion, while analysts remain mostly bullish with a consensus rating of Moderate Buy and an average price target of $442.13.

Stonebridge Financial Group LLC MO bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 5,104 shares of the semiconductor manufacturer's stock, valued at approximately $1,766,000. Broadcom accounts for approximately 1.5% of Stonebridge Financial Group LLC MO's holdings, making the stock its 15th biggest holding.

Other institutional investors also recently modified their holdings of the company. Providence First Trust Co grew its position in shares of Broadcom by 1,099.3% during the 3rd quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer's stock worth $2,944,000 after buying an additional 8,179 shares during the period. Whittier Trust Co. of Nevada Inc. grew its position in shares of Broadcom by 3.4% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer's stock worth $109,492,000 after buying an additional 10,786 shares during the period. Lmcg Investments LLC grew its position in shares of Broadcom by 9.4% during the 3rd quarter. Lmcg Investments LLC now owns 38,961 shares of the semiconductor manufacturer's stock worth $12,854,000 after buying an additional 3,357 shares during the period. Wright Investors Service Inc. grew its position in shares of Broadcom by 5.4% during the 3rd quarter. Wright Investors Service Inc. now owns 42,159 shares of the semiconductor manufacturer's stock worth $13,909,000 after buying an additional 2,178 shares during the period. Finally, Brown Brothers Harriman & Co. grew its position in shares of Broadcom by 10.7% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer's stock worth $25,539,000 after buying an additional 7,499 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 39,116 shares of the company's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $321.61, for a total transaction of $12,580,096.76. Following the completion of the transaction, the insider owned 74,626 shares of the company's stock, valued at $24,000,467.86. This represents a 34.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 50,488 shares of the company's stock in a transaction that occurred 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 transaction, the insider directly owned 278,141 shares of the company's stock, valued at approximately $89,450,145.60. This trade represents a 15.36% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 324,282 shares of company stock worth $106,425,249. Insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Benchmark reiterated a "buy" rating and issued a $485.00 price objective on shares of Broadcom in a research report on Thursday, March 5th. TD Cowen reiterated a "buy" rating and issued a $500.00 price objective (up from $405.00) on shares of Broadcom in a research report on Friday. Wolfe Research upgraded Broadcom from a "peer perform" rating to an "outperform" rating and set a $400.00 price objective for the company in a research report on Friday, January 30th. Wells Fargo & Company reiterated an "overweight" rating and issued a $545.00 price objective (up from $430.00) on shares of Broadcom in a research report on Thursday. Finally, Morgan Stanley boosted their price objective on Broadcom from $462.00 to $470.00 and gave the company an "overweight" rating in a research report on Friday, March 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $442.13.

Broadcom Trading Down 1.1%

NASDAQ:AVGO opened at $420.71 on Tuesday. Broadcom Inc. has a twelve month low of $221.60 and a twelve month high of $442.36. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80. The business has a 50 day moving average price of $367.36 and a two-hundred day moving average price of $354.90. The company has a market cap of $1.99 trillion, a P/E ratio of 82.17, a price-to-earnings-growth ratio of 0.88 and a beta of 1.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, topping analysts' consensus estimates of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The firm had revenue of $19.31 billion during the quarter, compared to the consensus estimate of $19.10 billion. During the same quarter in the prior year, the firm posted $1.60 EPS. The business's revenue was up 29.5% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 9.95 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, March 23rd. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. Broadcom's dividend payout ratio is 50.78%.

About Broadcom

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.

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