Fulton Bank N.A. decreased its holdings in Broadcom Inc (NASDAQ:AVGO) by 6.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,246 shares of the semiconductor manufacturer’s stock after selling 732 shares during the period. Fulton Bank N.A.’s holdings in Broadcom were worth $2,950,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. FMR LLC increased its position in shares of Broadcom by 3.8% during the fourth quarter. FMR LLC now owns 10,192,760 shares of the semiconductor manufacturer’s stock worth $2,591,815,000 after purchasing an additional 374,911 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Broadcom by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 5,111,832 shares of the semiconductor manufacturer’s stock worth $1,297,609,000 after purchasing an additional 63,639 shares in the last quarter. Northern Trust Corp increased its position in shares of Broadcom by 1.3% during the first quarter. Northern Trust Corp now owns 4,919,584 shares of the semiconductor manufacturer’s stock worth $1,479,369,000 after purchasing an additional 62,461 shares in the last quarter. Norges Bank acquired a new position in shares of Broadcom during the fourth quarter worth $1,055,582,000. Finally, Jennison Associates LLC increased its position in shares of Broadcom by 10.9% during the first quarter. Jennison Associates LLC now owns 3,650,806 shares of the semiconductor manufacturer’s stock worth $1,097,834,000 after purchasing an additional 359,736 shares in the last quarter. 83.92% of the stock is owned by institutional investors.
In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $264.00, for a total value of $5,280,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Bryan Ingram sold 11,922 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total transaction of $3,321,230.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,388 shares of company stock worth $18,198,482. 3.30% of the stock is owned by corporate insiders.
Shares of NASDAQ AVGO traded up $4.63 during mid-day trading on Tuesday, hitting $300.78. The stock had a trading volume of 1,791,186 shares, compared to its average volume of 2,932,723. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.13 and a current ratio of 1.26. The stock’s 50 day moving average price is $280.76. Broadcom Inc has a twelve month low of $202.77 and a twelve month high of $323.20. The stock has a market cap of $117.89 billion, a price-to-earnings ratio of 15.97, a PEG ratio of 1.40 and a beta of 0.94.
Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.18 by $0.03. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The firm had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the prior year, the firm earned $4.88 EPS. The firm’s revenue was up 10.0% on a year-over-year basis. On average, equities research analysts expect that Broadcom Inc will post 17.43 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Shareholders of record on Monday, June 24th were issued a $2.65 dividend. This represents a $10.60 annualized dividend and a yield of 3.52%. The ex-dividend date was Friday, June 21st. Broadcom’s payout ratio is 56.29%.
AVGO has been the topic of a number of recent analyst reports. Citigroup reduced their price target on Broadcom from $320.00 to $300.00 and set a “buy” rating on the stock in a research report on Friday, June 14th. Craig Hallum reaffirmed a “buy” rating and set a $315.00 price target (down from $325.00) on shares of Broadcom in a research report on Friday, June 14th. BidaskClub downgraded Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, July 9th. Royal Bank of Canada reduced their price target on Snc-Lavalin Group from C$40.00 to C$34.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, JPMorgan Chase & Co. set a $24.00 price target on Urovant Sciences and gave the stock a “buy” rating in a research report on Friday, June 14th. Eight research analysts have rated the stock with a hold rating and thirty have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $303.68.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
See Also: Yield Curve
Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc (NASDAQ:AVGO).
Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.