Broadcom Inc. (NASDAQ:AVGO) is Wesbanco Bank Inc.'s 6th Largest Position

Wesbanco Bank Inc. lessened its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 370,039 shares of the semiconductor manufacturer's stock after selling 23,589 shares during the quarter. Broadcom accounts for 2.2% of Wesbanco Bank Inc.'s investment portfolio, making the stock its 6th largest position. Wesbanco Bank Inc.'s holdings in Broadcom were worth $61,956,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Canton Hathaway LLC bought a new position in shares of Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the 4th quarter worth $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the 4th quarter worth about $30,000. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom in the 4th quarter worth about $32,000. Institutional investors own 76.43% of the company's stock.

Broadcom Trading Up 0.1%

Shares of AVGO stock traded up $0.35 during trading on Tuesday, hitting $244.63. 25,457,534 shares of the stock traded hands, compared to its average volume of 31,006,245. The firm has a market capitalization of $1.15 trillion, a P/E ratio of 199.54, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm's fifty day moving average price is $205.17 and its 200-day moving average price is $207.37. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $10.96 EPS. As a group, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has approved a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 transaction, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 over the last 90 days. Corporate insiders own 2.00% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on AVGO shares. Redburn Atlantic started coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. Citigroup boosted their price objective on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a report on Monday. Oppenheimer boosted their price objective on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday. Finally, UBS Group boosted their price objective on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $272.71.

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.