Berkshire Bank Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Berkshire Bank raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 497 shares of the semiconductor manufacturer’s stock after buying an additional 21 shares during the quarter. Berkshire Bank’s holdings in Broadcom were worth $431,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in shares of Broadcom by 1.7% during the 1st quarter. BlackRock Inc. now owns 29,844,893 shares of the semiconductor manufacturer’s stock worth $19,146,692,000 after purchasing an additional 499,945 shares in the last quarter. State Street Corp increased its stake in shares of Broadcom by 5.0% during the 1st quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock worth $10,670,149,000 after purchasing an additional 794,832 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Broadcom by 5.0% during the 1st quarter. Geode Capital Management LLC now owns 7,813,688 shares of the semiconductor manufacturer’s stock worth $5,001,948,000 after purchasing an additional 375,418 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Broadcom by 8.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,511,602 shares of the semiconductor manufacturer’s stock worth $3,617,879,000 after purchasing an additional 513,864 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of Broadcom by 12.5% during the 4th quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock worth $3,287,056,000 after purchasing an additional 651,014 shares in the last quarter. 78.81% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Down 0.2 %

Shares of NASDAQ:AVGO opened at $850.00 on Tuesday. The company has a debt-to-equity ratio of 1.73, a quick ratio of 2.25 and a current ratio of 2.50. Broadcom Inc. has a 1 year low of $415.07 and a 1 year high of $923.67. The stock has a market capitalization of $350.83 billion, a P/E ratio of 26.14, a PEG ratio of 1.78 and a beta of 1.10. The stock has a 50-day simple moving average of $875.05 and a 200-day simple moving average of $763.54.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The business had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.85 billion. During the same quarter in the previous year, the business earned $9.07 EPS. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. Equities analysts forecast that Broadcom Inc. will post 37.88 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be given a dividend of $4.60 per share. The ex-dividend date of this dividend is Wednesday, September 20th. This represents a $18.40 dividend on an annualized basis and a yield of 2.16%. Broadcom’s dividend payout ratio (DPR) is 56.58%.

Insider Buying and Selling

In other Broadcom news, Director Check Kian Low purchased 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The stock was purchased at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the transaction, the director now owns 15,951 shares in the company, valued at $13,909,750.53. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadcom news, Director Eddy W. Hartenstein sold 1,500 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the transaction, the director now directly owns 9,123 shares in the company, valued at approximately $7,806,368.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Check Kian Low bought 11,000 shares of Broadcom stock in a transaction on Wednesday, September 6th. The shares were purchased at an average cost of $872.03 per share, for a total transaction of $9,592,330.00. Following the acquisition, the director now owns 15,951 shares in the company, valued at $13,909,750.53. The disclosure for this purchase can be found here. 2.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently commented on AVGO shares. Deutsche Bank Aktiengesellschaft lifted their price objective on Broadcom from $905.00 to $950.00 in a research report on Friday, September 1st. Wells Fargo & Company lifted their price objective on Broadcom from $800.00 to $900.00 and gave the stock an “equal weight” rating in a research report on Friday, September 1st. Piper Sandler lifted their price objective on Broadcom from $830.00 to $925.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 29th. Oppenheimer lifted their target price on shares of Broadcom from $900.00 to $990.00 and gave the stock an “outperform” rating in a research note on Friday, September 1st. Finally, StockNews.com raised shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $846.14.

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.