Hancock Whitney Corp Trims Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Hancock Whitney Corp cut its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,764 shares of the semiconductor manufacturer’s stock after selling 2,097 shares during the period. Broadcom accounts for 1.3% of Hancock Whitney Corp’s holdings, making the stock its 13th biggest position. Hancock Whitney Corp’s holdings in Broadcom were worth $38,154,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of AVGO. Swedbank AB purchased a new stake in Broadcom during the 1st quarter worth approximately $2,835,737,000. Vanguard Group Inc. lifted its stake in shares of Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after buying an additional 1,303,462 shares in the last quarter. Jennison Associates LLC boosted its position in Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after acquiring an additional 1,263,957 shares during the last quarter. Capital International Investors grew its stake in Broadcom by 4.5% during the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after acquiring an additional 1,006,223 shares in the last quarter. Finally, GQG Partners LLC raised its holdings in Broadcom by 48.9% in the 1st quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock valued at $3,966,730,000 after acquiring an additional 983,328 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. UBS Group cut their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Morgan Stanley lifted their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Benchmark reissued a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Finally, Rosenblatt Securities decreased their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Stock Up 2.2 %

NASDAQ:AVGO opened at $171.10 on Friday. Broadcom Inc. has a twelve month low of $79.51 and a twelve month high of $185.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock’s 50 day moving average price is $156.81 and its two-hundred day moving average price is $146.91. The firm has a market capitalization of $796.45 billion, a price-to-earnings ratio of 7.36, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping 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 business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter last year, the company posted $0.95 earnings per share. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. Equities research analysts expect that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.24%. Broadcom’s dividend payout ratio (DPR) is 9.12%.

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.