Huntington National Bank boosted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 974.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,056,519 shares of the semiconductor manufacturer's stock after acquiring an additional 958,199 shares during the quarter. Broadcom accounts for about 1.3% of Huntington National Bank's holdings, making the stock its 15th biggest holding. Huntington National Bank's holdings in Broadcom were worth $182,250,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Lion Street Advisors LLC boosted its holdings in shares of Broadcom by 1.9% in the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer's stock valued at $520,000 after acquiring an additional 6 shares during the period. Optimum Investment Advisors raised its position in Broadcom by 0.6% in the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer's stock valued at $2,262,000 after purchasing an additional 8 shares during the last quarter. Anderson Hoagland & Co. raised its position in Broadcom by 0.3% in the 2nd quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer's stock valued at $4,623,000 after purchasing an additional 9 shares during the last quarter. Wealth Group Ltd grew its position in Broadcom by 6.0% during the 2nd quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer's stock worth $283,000 after purchasing an additional 10 shares during the last quarter. Finally, Canandaigua National Bank & Trust Co. increased its stake in Broadcom by 1.4% in the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer's stock valued at $1,161,000 after purchasing an additional 10 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.
AVGO has been the topic of a number of research reports. TD Cowen raised Broadcom to a "strong-buy" rating in a report on Monday, September 16th. StockNews.com downgraded Broadcom from a "buy" rating to a "hold" rating in a research note on Tuesday, July 23rd. Mizuho upped their price target on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. Morgan Stanley lifted their price objective 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. Finally, Cantor Fitzgerald upped their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $192.79.
View Our Latest Report on AVGO
Broadcom stock opened at $164.84 on Friday. The firm has a market capitalization of $769.90 billion, a PE ratio of 143.34, a P/E/G ratio of 2.04 and a beta of 1.17. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. The firm's 50-day simple moving average is $172.84 and its 200 day simple moving average is $159.35. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The company's revenue for the quarter was up 47.3% compared to the same quarter last year. On average, equities research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.29%. Broadcom's dividend payout ratio (DPR) is presently 184.35%.
In related news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares in the company, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the business's stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,181,910 shares of the company's stock, valued at $204,399,515.40. The trade was a 11.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last three months. 2.00% of the stock is currently owned by insiders.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Broadcom, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Broadcom wasn't on the list.
While Broadcom currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.