Central Pacific Bank Trust Division Has $7.77 Million Stock Holdings in Broadcom Inc. $AVGO

Central Pacific Bank Trust Division trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,552 shares of the semiconductor manufacturer’s stock after selling 1,826 shares during the quarter. Broadcom makes up 0.9% of Central Pacific Bank Trust Division’s holdings, making the stock its 12th biggest holding. Central Pacific Bank Trust Division’s holdings in Broadcom were worth $7,770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Sawyer & Company Inc lifted its position in shares of Broadcom by 62.1% in the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 36 shares during the period. Longfellow Investment Management Co. LLC acquired a new position in Broadcom in the second quarter valued at $27,000. Legend Financial Advisors Inc. bought a new stake in Broadcom during the second quarter valued at $28,000. Teachers Insurance & Annuity Association of America bought a new stake in Broadcom during the second quarter valued at $28,000. Finally, LGT Financial Advisors LLC acquired a new stake in Broadcom during the 2nd quarter worth about $31,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Barclays reissued an “overweight” rating and issued a $500.00 price objective (up from $450.00) on shares of Broadcom in a research note on Friday. Truist Financial set a $500.00 target price on Broadcom in a report on Friday. Sanford C. Bernstein restated an “outperform” rating and set a $475.00 price target (up from $400.00) on shares of Broadcom in a report on Friday. TD Cowen raised their price objective on shares of Broadcom from $405.00 to $450.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, Raymond James Financial set a $420.00 target price on shares of Broadcom and gave the company an “outperform” rating in a research report on Thursday, November 20th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $435.96.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total value of $33,958,000.00. Following the transaction, the chief executive officer owned 725,638 shares in the company, valued at $246,412,152.04. This trade represents a 12.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 368,797 shares of Broadcom stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $337.91, for a total value of $124,620,194.27. Following the transaction, the director directly owned 37,722,534 shares in the company, valued at approximately $12,746,821,463.94. The trade was a 0.97% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 790,713 shares of company stock valued at $287,419,394. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Shares of AVGO opened at $341.30 on Wednesday. The business’s fifty day moving average is $363.35 and its 200 day moving average is $319.91. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $414.61. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.61 trillion, a P/E ratio of 71.70, a P/E/G ratio of 1.23 and a beta of 1.19.

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

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be issued a $0.65 dividend. The ex-dividend date is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio (DPR) is currently 49.58%.

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.