Essex Savings Bank Has $4.44 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Essex Savings Bank boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 906.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,715 shares of the semiconductor manufacturer’s stock after buying an additional 23,160 shares during the period. Broadcom comprises 1.1% of Essex Savings Bank’s portfolio, making the stock its 18th largest holding. Essex Savings Bank’s holdings in Broadcom were worth $4,436,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Castleview Partners LLC lifted its holdings in shares of Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 134 shares during the period. Delta Asset Management LLC TN raised its stake in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 17 shares during the last quarter. Tsfg LLC boosted its holdings in shares of Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after acquiring an additional 204 shares in the last quarter. Krane Funds Advisors LLC bought a new stake in Broadcom during the 3rd quarter worth approximately $42,000. Finally, Highline Wealth Partners LLC acquired a new stake in Broadcom during the 3rd quarter valued at $45,000. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now owns 737,330 shares in the company, valued at approximately $133,781,155.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the transaction, the insider now directly owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Rosenblatt Securities lowered their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. UBS Group lifted their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Mizuho increased their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, Cantor Fitzgerald upped their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $192.79.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $176.22 on Wednesday. The stock has a market capitalization of $823.05 billion, a PE ratio of 153.10, a price-to-earnings-growth ratio of 2.16 and a beta of 1.17. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. The stock has a 50 day moving average price of $171.08 and a 200 day moving average price of $158.17. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period last year, the business earned $0.95 earnings per share. The firm’s revenue was up 47.3% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is 184.19%.

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.