Chevy Chase Trust Holdings LLC Has $459.51 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Chevy Chase Trust Holdings LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 995.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,663,819 shares of the semiconductor manufacturer’s stock after buying an additional 2,420,575 shares during the period. Broadcom makes up approximately 1.4% of Chevy Chase Trust Holdings LLC’s investment portfolio, making the stock its 10th biggest position. Chevy Chase Trust Holdings LLC’s holdings in Broadcom were worth $459,509,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. FMR LLC boosted its stake in Broadcom by 1,121.3% during the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after buying an additional 82,998,328 shares during the period. Jennison Associates LLC lifted its stake in Broadcom by 842.4% during the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after purchasing an additional 32,178,542 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Broadcom by 975.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after purchasing an additional 30,674,902 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Broadcom by 962.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock worth $5,519,591,000 after purchasing an additional 28,985,434 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its stake in Broadcom by 938.8% during the third quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer’s stock worth $4,040,430,000 after purchasing an additional 21,168,095 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the subject of several research analyst reports. Truist Financial lifted their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. JPMorgan Chase & Co. lifted their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Cantor Fitzgerald lifted their price target on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Morgan Stanley lifted their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $195.96.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The trade was a 3.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares in the company, valued at approximately $69,596,812.80. This represents a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock valued at $53,540,590 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Up 1.5 %

AVGO stock opened at $162.08 on Monday. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The business’s 50 day moving average price is $173.39 and its two-hundred day moving average price is $161.69. 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 company has a market capitalization of $757.01 billion, a price-to-earnings ratio of 140.94, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted 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 return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the business earned $0.95 EPS. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. As a group, analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is currently 184.35%.

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.