Canandaigua National Bank & Trust Co. Buys 3,935 Shares of Broadcom Inc. $AVGO

Canandaigua National Bank & Trust Co. increased its position in Broadcom Inc. (NASDAQ:AVGO) by 67.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,783 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,935 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Broadcom were worth $3,228,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sawyer & Company Inc increased its holdings in shares of Broadcom by 62.1% in the second 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 purchased a new position in Broadcom during the second quarter worth about $27,000. Legend Financial Advisors Inc. bought a new position in Broadcom in the 2nd quarter worth about $28,000. Teachers Insurance & Annuity Association of America purchased a new stake in shares of Broadcom in the 2nd quarter valued at about $28,000. Finally, LGT Financial Advisors LLC bought a new stake in shares of Broadcom during the 2nd quarter valued at about $31,000. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AVGO. UBS Group set a $475.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research report on Monday. Raymond James Financial set a $420.00 price target on shares of Broadcom and gave the stock an “outperform” rating in a report on Thursday, November 20th. Rosenblatt Securities lifted their price objective on shares of Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Tuesday, December 9th. Evercore ISI upped their target price on shares of Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Finally, Wells Fargo & Company raised their price target on Broadcom from $255.00 to $345.00 and gave the company an “equal weight” rating in a research report on Friday, September 5th. Three investment 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 data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $435.96.

Broadcom Stock Down 4.5%

Shares of NASDAQ:AVGO opened at $326.02 on Thursday. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $414.61. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. The stock’s 50-day moving average price is $362.96 and its 200-day moving average price is $319.95. The stock has a market capitalization of $1.54 trillion, a P/E ratio of 68.49, a price-to-earnings-growth ratio of 1.15 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.08. The company had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.Broadcom’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.42 EPS. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be paid a $0.65 dividend. The ex-dividend date of this dividend is Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. Broadcom’s payout ratio is presently 49.58%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 100,000 shares of the stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the completion of the sale, the chief executive officer owned 725,638 shares of the company’s stock, valued at $246,412,152.04. This represents a 12.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Henry Samueli sold 368,797 shares of the firm’s stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the completion of the sale, the director directly owned 37,722,534 shares in the company, valued at approximately $12,746,821,463.94. This trade represents a 0.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 791,513 shares of company stock valued at $287,708,906 over the last three months. 2.00% of the stock is owned by company insiders.

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.