Trust Co. of Toledo NA OH Has $3.66 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Trust Co. of Toledo NA OH grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,838 shares of the semiconductor manufacturer's stock after buying an additional 1,580 shares during the period. Trust Co. of Toledo NA OH's holdings in Broadcom were worth $3,656,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Tallon Kerry Patrick acquired a new stake in Broadcom during the 4th quarter worth approximately $357,000. Capital & Planning LLC grew its holdings in Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after buying an additional 554 shares in the last quarter. LaFleur & Godfrey LLC increased its position in Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after buying an additional 12,345 shares during the period. Brighton Jones LLC lifted its holdings in shares of Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares in the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of Broadcom during the fourth quarter worth $71,312,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent research reports. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a report on Friday, June 6th. 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 research report on Friday, June 6th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Evercore ISI restated an "outperform" rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Three 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 company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $276.09.

Broadcom Price Performance

Shares of NASDAQ AVGO traded down $7.37 during midday trading on Friday, reaching $248.70. 19,002,301 shares of the company were exchanged, compared to its average volume of 30,383,406. The stock's 50-day moving average price is $213.01 and its 200-day moving average price is $209.50. The stock has a market cap of $1.17 trillion, a P/E ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43.

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 for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the company posted $10.96 EPS. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.95%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Broadcom announced that its board has approved a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Insider Activity

In other news, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the transaction, the insider now owns 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 730,576 shares of company stock valued at $133,778,494 over the last quarter. 2.00% of the stock is owned by company insiders.

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.