Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Coastline Trust Co

by · The Markets Daily

Coastline Trust Co lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 51.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,123 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,075 shares during the period. Coastline Trust Co’s holdings in Broadcom were worth $1,025,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. SlateStone Wealth LLC grew its position in Broadcom by 0.3% during the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock worth $3,207,000 after buying an additional 47 shares during the period. True Wealth Design LLC boosted its stake in shares of Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after acquiring an additional 48 shares in the last quarter. Cascade Financial Partners LLC increased its stake in Broadcom by 1.8% in the 4th quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer’s stock valued at $668,000 after purchasing an additional 50 shares in the last quarter. Samalin Investment Counsel LLC raised its holdings in Broadcom by 1.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer’s stock worth $1,155,000 after purchasing an additional 50 shares during the last quarter. Finally, Mizuho Bank Ltd. boosted its position in Broadcom by 7.1% during the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer’s stock worth $174,000 after purchasing an additional 50 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 854,716 shares of company stock worth $221,433,761. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Up 1.9%

Shares of NASDAQ:AVGO opened at $269.90 on Thursday. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.27 trillion, a price-to-earnings ratio of 101.09, a PEG ratio of 1.88 and a beta of 1.12. The stock’s 50-day moving average price is $235.38 and its two-hundred day moving average price is $216.81. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71.

Broadcom (NASDAQ:AVGO – Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $14.98 billion. During the same period last year, the company earned $10.96 earnings per share. The company’s quarterly revenue was up 20.2% on a year-over-year basis. On average, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has initiated a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The business 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. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.87%. Broadcom’s dividend payout ratio is presently 88.39%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on AVGO shares. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Wells Fargo & Company raised their target price on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Rosenblatt Securities raised their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Finally, Susquehanna lifted their price objective on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $281.25.

Read Our Latest Stock Analysis on Broadcom

Broadcom Company Profile

(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.

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