Mechanics Bank Trust Department Acquires 11,836 Shares of Broadcom Inc. (NASDAQ:AVGO)

Mechanics Bank Trust Department grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,114.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,898 shares of the semiconductor manufacturer’s stock after purchasing an additional 11,836 shares during the quarter. Mechanics Bank Trust Department’s holdings in Broadcom were worth $2,225,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of AVGO. American Trust raised its holdings in Broadcom by 2.3% in the 4th quarter. American Trust now owns 451 shares of the semiconductor manufacturer’s stock worth $503,000 after acquiring an additional 10 shares during the period. WNY Asset Management LLC grew its position in Broadcom by 15.9% in the 4th quarter. WNY Asset Management LLC now owns 299 shares of the semiconductor manufacturer’s stock worth $334,000 after purchasing an additional 41 shares during the last quarter. Beacon Financial Group grew its position in Broadcom by 46.3% in the 4th quarter. Beacon Financial Group now owns 683 shares of the semiconductor manufacturer’s stock worth $762,000 after purchasing an additional 216 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its position in Broadcom by 27.9% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 143,264 shares of the semiconductor manufacturer’s stock worth $159,918,000 after purchasing an additional 31,244 shares during the last quarter. Finally, Syon Capital LLC grew its position in Broadcom by 21.9% in the 4th quarter. Syon Capital LLC now owns 4,722 shares of the semiconductor manufacturer’s stock worth $5,271,000 after purchasing an additional 847 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 20,280 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the sale, the insider now directly owns 399,460 shares of the company’s stock, valued at $70,744,366. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 20,280 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the sale, the insider now directly owns 399,460 shares of the company’s stock, valued at $70,744,366. 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 over the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Trading Down 2.3 %

Shares of NASDAQ AVGO opened at $181.48 on Friday. Broadcom Inc. has a 1-year low of $81.83 and a 1-year high of $186.42. The company has a market cap of $847.62 billion, a PE ratio of 157.67, a P/E/G ratio of 2.99 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a 50-day moving average of $162.91 and a two-hundred day moving average of $151.64.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping 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 the consensus estimate of $12.98 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The company’s revenue was up 47.3% on a year-over-year basis. As a group, equities analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend 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 1.17%. Broadcom’s payout ratio is currently 184.19%.

Wall Street Analyst Weigh In

Several research firms have issued reports on AVGO. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. raised their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. The Goldman Sachs Group raised their price target 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. Finally, UBS Group decreased their price target on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $190.29.

Broadcom Company 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.