WASHINGTON TRUST Co Has $124.53 Million Stock Position in Broadcom Inc. $AVGO

WASHINGTON TRUST Co decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 377,451 shares of the semiconductor manufacturer’s stock after selling 10,379 shares during the period. Broadcom comprises 4.1% of WASHINGTON TRUST Co’s holdings, making the stock its 3rd largest holding. WASHINGTON TRUST Co’s holdings in Broadcom were worth $124,525,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Assetmark Inc. increased its position in shares of Broadcom by 2.4% in the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after purchasing an additional 39,466 shares during the last quarter. Capital Counsel LLC NY purchased a new position in Broadcom in the 2nd quarter worth approximately $221,000. Waterloo Capital L.P. increased its holdings in shares of Broadcom by 7.0% in the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after buying an additional 3,180 shares during the last quarter. Providence First Trust Co increased its holdings in shares of Broadcom by 1,099.3% in the 3rd quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock worth $2,944,000 after buying an additional 8,179 shares during the last quarter. Finally, Aspen Wealth Strategies LLC raised its position in shares of Broadcom by 174.7% during the 2nd quarter. Aspen Wealth Strategies LLC now owns 23,673 shares of the semiconductor manufacturer’s stock valued at $6,525,000 after buying an additional 15,055 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several research reports. Citigroup reiterated a “buy” rating and issued a $458.00 target price (down from $480.00) on shares of Broadcom in a research report on Tuesday, February 17th. JPMorgan Chase & Co. upped their price objective on Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a report on Friday, December 12th. Raymond James Financial set a $420.00 price objective on Broadcom and gave the company an “outperform” rating in a research report on Thursday, November 20th. The Goldman Sachs Group restated a “buy” rating and issued a $450.00 target price on shares of Broadcom in a research report on Monday, January 5th. Finally, TD Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Broadcom presently has a consensus rating of “Buy” and an average price target of $433.13.

Insider Activity

In other Broadcom news, CFO Kirsten M. Spears sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the completion of the transaction, the chief financial officer owned 277,237 shares of the company’s stock, valued at $96,428,573.34. This represents a 9.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 38,281 shares of the stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $327.65, for a total value of $12,542,769.65. Following the completion of the sale, the insider owned 266,494 shares of the company’s stock, valued at approximately $87,316,759.10. This trade represents a 12.56% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 779,101 shares of company stock valued at $283,804,325. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of Broadcom stock opened at $319.55 on Monday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61. The business’s 50 day simple moving average is $336.34 and its two-hundred day simple moving average is $342.75. The stock has a market capitalization of $1.52 trillion, a P/E ratio of 67.13, a price-to-earnings-growth ratio of 1.02 and a beta of 1.22.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The firm had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. During the same quarter in the prior year, the firm posted $1.42 earnings per share. The business’s quarterly revenue was up 28.2% compared to the same quarter last year. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were given a $0.65 dividend. The ex-dividend date was Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom’s dividend payout ratio is presently 54.62%.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.