Fulton Bank N.A. Buys 81,945 Shares of Broadcom Inc. (NASDAQ:AVGO)

Fulton Bank N.A. lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,340.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 88,057 shares of the semiconductor manufacturer’s stock after purchasing an additional 81,945 shares during the quarter. Fulton Bank N.A.’s holdings in Broadcom were worth $15,190,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. AXA S.A. grew its position in Broadcom by 2.7% during the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock worth $467,334,000 after buying an additional 7,608 shares in the last quarter. MRA Advisory Group grew its position in Broadcom by 954.1% during the third quarter. MRA Advisory Group now owns 9,455 shares of the semiconductor manufacturer’s stock worth $1,631,000 after buying an additional 8,558 shares in the last quarter. Ensign Peak Advisors Inc grew its position in Broadcom by 19.1% during the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after buying an additional 84,196 shares in the last quarter. Shellback Capital LP purchased a new position in Broadcom during the second quarter worth about $60,368,000. Finally, NewEdge Advisors LLC grew its position in Broadcom by 13.7% during the second quarter. NewEdge Advisors LLC now owns 95,011 shares of the semiconductor manufacturer’s stock worth $152,542,000 after buying an additional 11,422 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Down 0.9 %

AVGO traded down $1.56 during trading on Monday, hitting $175.08. 15,530,238 shares of the company’s stock traded hands, compared to its average volume of 31,117,604. The company’s 50 day simple moving average is $159.64 and its two-hundred day simple moving average is $149.81. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12-month low of $81.83 and a 12-month high of $185.16. The stock has a market capitalization of $814.98 billion, a price-to-earnings ratio of 7.54, a PEG ratio of 2.78 and a beta of 1.17.

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

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Truist Financial upped their price objective on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a report on Thursday, June 13th. Piper Sandler upped their price objective on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. The Goldman Sachs Group upped their price objective on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Jefferies Financial Group boosted their target price on Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, Bank of America reissued a “buy” rating and issued a $215.00 target price (up previously from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $189.23.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 10,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total value of $1,671,400.00. Following the transaction, the chief executive officer now directly owns 1,171,910 shares of the company’s stock, valued at approximately $195,873,037.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Hock E. Tan sold 10,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total value of $1,671,400.00. Following the transaction, the chief executive officer now directly owns 1,171,910 shares of the company’s stock, valued at approximately $195,873,037.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. 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 in the last ninety days. Insiders own 2.00% of the company’s stock.

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.