Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 896.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 160,706 shares of the semiconductor manufacturer’s stock after purchasing an additional 144,584 shares during the quarter. Broadcom comprises about 1.6% of Atlantic Union Bankshares Corp’s holdings, making the stock its 9th biggest holding. Atlantic Union Bankshares Corp’s holdings in Broadcom were worth $27,722,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. American Trust raised its stake in shares of Broadcom by 9.8% in the first quarter. American Trust now owns 495 shares of the semiconductor manufacturer’s stock valued at $656,000 after acquiring an additional 44 shares in the last quarter. Mosaic Family Wealth Partners LLC acquired a new stake in Broadcom in the 1st quarter valued at about $213,000. Park Place Capital Corp boosted its stake in shares of Broadcom by 20.7% in the 2nd quarter. Park Place Capital Corp now owns 1,079 shares of the semiconductor manufacturer’s stock valued at $1,732,000 after buying an additional 185 shares during the period. GAMMA Investing LLC grew its position in shares of Broadcom by 53.5% during the second quarter. GAMMA Investing LLC now owns 6,924 shares of the semiconductor manufacturer’s stock worth $11,117,000 after buying an additional 2,414 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Broadcom by 17.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 17,119 shares of the semiconductor manufacturer’s stock worth $27,485,000 after buying an additional 2,578 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the subject of a number of recent research reports. UBS Group lifted their price target on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Benchmark reaffirmed a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. The Goldman Sachs Group boosted their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Cantor Fitzgerald raised their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Finally, William Blair began coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Two analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $195.96.

Insider Buying and Selling

In related news, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This represents a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The trade was a 3.24 % 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 company insiders.

Broadcom Trading Up 1.5 %

NASDAQ AVGO opened at $162.08 on Friday. The firm’s fifty day moving average is $173.39 and its two-hundred day moving average is $161.69. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm has a market cap of $757.01 billion, a PE ratio of 140.82, a P/E/G ratio of 1.88 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last issued 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 return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the previous year, the firm posted $0.95 EPS. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. Analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.31%. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 184.19%.

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.