Hemenway Trust Co LLC Has $292,000 Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Hemenway Trust Co LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 900.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,690 shares of the semiconductor manufacturer’s stock after buying an additional 1,521 shares during the period. Hemenway Trust Co LLC’s holdings in Broadcom were worth $292,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Jupiter Asset Management Ltd. grew its stake in Broadcom by 34.9% during the first quarter. Jupiter Asset Management Ltd. now owns 10,129 shares of the semiconductor manufacturer’s stock worth $13,425,000 after buying an additional 2,622 shares during the last quarter. Allstate Corp increased its stake in shares of Broadcom by 1.0% in the first quarter. Allstate Corp now owns 1,407 shares of the semiconductor manufacturer’s stock valued at $1,865,000 after buying an additional 14 shares in the last quarter. Strait & Sound Wealth Management LLC raised its stake in shares of Broadcom by 7.2% in the first quarter. Strait & Sound Wealth Management LLC now owns 638 shares of the semiconductor manufacturer’s stock worth $882,000 after acquiring an additional 43 shares during the last quarter. Catalytic Wealth RIA LLC bought a new position in shares of Broadcom in the first quarter worth about $922,000. Finally, NWK Group Inc. grew its stake in shares of Broadcom by 2.8% during the first quarter. NWK Group Inc. now owns 7,813 shares of the semiconductor manufacturer’s stock valued at $10,355,000 after purchasing an additional 215 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Truist Financial boosted their target price on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Cantor Fitzgerald raised their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Benchmark reissued a “buy” rating and set a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Finally, Morgan Stanley upped their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Stock Performance

Shares of AVGO opened at $164.84 on Friday. The firm has a market cap of $769.90 billion, a P/E ratio of 143.34, a PEG ratio of 2.04 and a beta of 1.17. Broadcom Inc. has a twelve month low of $90.31 and a twelve month 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’s 50 day moving average price is $172.29 and its two-hundred day moving average price is $159.14.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 EPS. On average, analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

Broadcom Profile

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.