Fulton Bank N.A. Cuts Stock Position in Broadcom Inc. $AVGO

Fulton Bank N.A. decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 85,712 shares of the semiconductor manufacturer’s stock after selling 5,653 shares during the quarter. Broadcom comprises about 1.0% of Fulton Bank N.A.’s investment portfolio, making the stock its 27th biggest holding. Fulton Bank N.A.’s holdings in Broadcom were worth $28,277,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in Broadcom during the 2nd quarter valued at about $18,579,549,000. Vanguard Group Inc. grew its holdings in shares of Broadcom by 1.3% during the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after buying an additional 6,222,802 shares during the last quarter. Edgewood Management LLC bought a new stake in shares of Broadcom during the second quarter valued at approximately $1,571,438,000. Massachusetts Financial Services Co. MA raised its holdings in Broadcom by 115.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock worth $1,658,680,000 after acquiring an additional 3,224,739 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Broadcom by 272.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,189,531 shares of the semiconductor manufacturer’s stock valued at $1,154,844,000 after acquiring an additional 3,065,809 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $343.50 on Thursday. 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 capitalization of $1.63 trillion, a PE ratio of 72.16, a price-to-earnings-growth ratio of 1.16 and a beta of 1.21. The firm’s 50 day moving average price is $361.10 and its 200-day moving average price is $329.81. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61.

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

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were paid a $0.65 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, December 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. Broadcom’s dividend payout ratio (DPR) is currently 54.62%.

Insider Buying and Selling

In other news, Director Henry Samueli sold 320,316 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $400.53, for a total value of $128,296,167.48. Following the transaction, the director owned 37,326,540 shares of the company’s stock, valued at $14,950,399,066.20. This trade represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total value of $10,434,600.00. Following the transaction, the chief financial officer owned 277,237 shares of the company’s stock, valued at approximately $96,428,573.34. This trade represents a 9.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 680,701 shares of company stock worth $249,624,757 in the last quarter. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on AVGO. Mizuho lifted their target price on Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $450.00 price objective on shares of Broadcom in a research report on Monday. Barclays reiterated an “overweight” rating and issued a $500.00 price objective (up from $450.00) on shares of Broadcom in a report on Friday, December 12th. Robert W. Baird set a $420.00 target price on shares of Broadcom in a research note on Friday, December 12th. Finally, KeyCorp reiterated an “overweight” rating and issued a $500.00 price target (up from $460.00) on shares of Broadcom in a research note on Friday, December 12th. 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. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $436.89.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.