Charles Schwab Trust Co Purchases 22,562 Shares of Broadcom Inc. (NASDAQ:AVGO)

by · The Markets Daily

Charles Schwab Trust Co grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 892.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 25,090 shares of the semiconductor manufacturer’s stock after buying an additional 22,562 shares during the quarter. Charles Schwab Trust Co’s holdings in Broadcom were worth $4,328,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Handelsbanken Fonder AB lifted its holdings in Broadcom by 826.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,963,813 shares of the semiconductor manufacturer’s stock valued at $511,258,000 after buying an additional 2,643,845 shares in the last quarter. Swedbank AB purchased a new position in shares of Broadcom during the first quarter worth approximately $2,835,737,000. Vanguard Group Inc. boosted its holdings 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 valued at $59,181,244,000 after purchasing an additional 1,303,462 shares during the period. Jennison Associates LLC boosted its holdings in shares of Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after purchasing an additional 1,263,957 shares during the period. Finally, GQG Partners LLC grew its stake in Broadcom by 48.9% in the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock worth $3,966,730,000 after purchasing an additional 983,328 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $181.48 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm’s 50 day simple moving average is $162.91 and its 200-day simple moving average is $151.64. Broadcom Inc. has a 12 month low of $81.83 and a 12 month high of $186.42. The stock has a market capitalization of $847.62 billion, a price-to-earnings ratio of 157.67, a PEG ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the previous year, the company earned $0.95 earnings per share. 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 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.17%. Broadcom’s payout ratio is 184.19%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on 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 owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the sale, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 295,130 shares of company stock valued at $50,646,622 in the last three months. 2.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research reports. The Goldman Sachs Group upped their target price on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. UBS Group lowered their price objective on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. Cantor Fitzgerald increased their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday. JPMorgan Chase & Co. boosted their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Bank of America reaffirmed a “buy” rating and set a $215.00 price objective (up previously from $200.00) on shares of Broadcom in a research report on Monday, June 24th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $190.29.

View Our Latest Research Report on AVGO

Broadcom Profile

(Free Report)

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.

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