Rockland Trust Co. Grows Stake in Broadcom Inc. (NASDAQ:AVGO)

Rockland Trust Co. lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 636.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,050 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,636 shares during the quarter. Rockland Trust Co.’s holdings in Broadcom were worth $526,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Legend Financial Advisors Inc. boosted its stake in Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares during the last quarter. Richardson Capital Management LLC purchased a new position in Broadcom in the 1st quarter worth about $29,000. Delta Asset Management LLC TN raised its position in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC purchased a new stake in shares of Broadcom during the 1st quarter valued at about $36,000. Finally, Creekmur Asset Management LLC bought a new stake in shares of Broadcom in the fourth quarter worth approximately $43,000. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of Broadcom in a research note on Friday, September 6th. Wells Fargo & Company increased their price target on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 13th. Citigroup reiterated a “buy” rating and set a $156.00 price objective on shares of Broadcom in a research report on Tuesday, June 11th. The Goldman Sachs Group lifted their target price on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Jefferies Financial Group upped their price target on shares of Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Stock Up 2.8 %

Shares of AVGO stock traded up $4.75 during mid-day trading on Friday, hitting $176.64. The stock had a trading volume of 17,941,387 shares, compared to its average volume of 31,198,639. Broadcom Inc. has a 12-month low of $81.17 and a 12-month high of $185.16. The firm’s 50-day moving average is $159.64 and its two-hundred day moving average is $149.81. The firm has a market capitalization of $822.24 billion, a P/E ratio of 7.60, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the company earned $0.95 earnings per share. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.20%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is 9.12%.

Insider Activity

In related news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares in the company, valued at $6,064,917.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 243,452 shares of company stock worth $52,950,238 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

About Broadcom

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.