First County Bank CT Raises Position in Broadcom Inc. (NASDAQ:AVGO)

First County Bank CT grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.4% during the first quarter, Holdings Channel reports. The fund owned 12,068 shares of the semiconductor manufacturer’s stock after purchasing an additional 166 shares during the period. Broadcom makes up about 1.1% of First County Bank CT’s holdings, making the stock its 22nd biggest holding. First County Bank CT’s holdings in Broadcom were worth $2,021,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in AVGO. Norges Bank purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $16,893,010,000. GAMMA Investing LLC grew its stake in shares of Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after buying an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after buying an additional 15,171,849 shares in the last quarter. GQG Partners LLC raised its stake in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after buying an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09% 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 link. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 over the last quarter. 2.00% of the stock is owned by insiders.

Broadcom Stock Up 1.1%

Broadcom stock opened at $241.97 on Friday. The firm has a market capitalization of $1.14 trillion, a P/E ratio of 197.37, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $251.88. The stock’s fifty day simple moving average is $194.36 and its 200-day simple moving average is $202.79.

Broadcom announced that its Board of Directors has authorized a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.98%. Broadcom’s payout ratio is currently 113.46%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AVGO. Bank of America reduced their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Citigroup decreased their target price on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a report on Friday, April 11th. Truist Financial raised their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. KeyCorp upped their price objective on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Finally, Benchmark reiterated a “buy” rating and set a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $236.27.

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.