Zions Bancorporation National Association UT Purchases Shares of 32,222 Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Zions Bancorporation National Association UT has invested approximately $5.40 million in Broadcom Inc., acquiring 32,222 shares during the first quarter.
• Broadcom has received an array of positive ratings from analysts, with several increasing their price target significantly, establishing a consensus rating of "Buy" and a price target of $294.92.
• The company reported a 20.2% year-over-year increase in revenue for the recent quarter, achieving $1.58 earnings per share, surpassing estimates by a slight margin.

Zions Bancorporation National Association UT purchased a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 32,222 shares of the semiconductor manufacturer's stock, valued at approximately $5,395,000.

Several other institutional investors have also recently made changes to their positions in the business. Brighton Jones LLC grew its position 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 purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after purchasing an additional 756 shares during the period. Bank Pictet & Cie Europe AG grew its holdings in Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after buying an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE raised its position in shares of Broadcom by 1.3% during the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after buying an additional 322 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Broadcom in the fourth quarter worth $602,000. Institutional investors own 76.43% of the company's stock.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider directly owned 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 in the last ninety days. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of a number of research analyst reports. Bank of America boosted their target price on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Evercore ISI reiterated an "outperform" rating and set a $304.00 target price (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Finally, Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $294.92.

Broadcom Stock Down 0.3%

Broadcom stock traded down $1.07 during trading on Monday, reaching $303.90. The stock had a trading volume of 8,455,870 shares, compared to its average volume of 26,409,703. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The business has a 50 day moving average price of $272.87 and a 200 day moving average price of $226.63. The stock has a market cap of $1.43 trillion, a PE ratio of 113.82, a P/E/G ratio of 2.17 and a beta of 1.15. Broadcom Inc. has a 52-week low of $134.90 and a 52-week high of $310.34.

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

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

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.