Atlantic Union Bankshares Corp Sells 132 Shares of Broadcom Inc. (NASDAQ:AVGO)

Atlantic Union Bankshares Corp lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,682 shares of the semiconductor manufacturer’s stock after selling 132 shares during the quarter. Broadcom accounts for 1.7% of Atlantic Union Bankshares Corp’s holdings, making the stock its 8th biggest position. Atlantic Union Bankshares Corp’s holdings in Broadcom were worth $18,621,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. BKM Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $29,000. Bollard Group LLC acquired a new stake in Broadcom during the second quarter worth about $26,000. Rise Advisors LLC increased its position in Broadcom by 76.5% during the third quarter. Rise Advisors LLC now owns 30 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 13 shares during the last quarter. Macroview Investment Management LLC acquired a new stake in shares of Broadcom during the third quarter valued at about $29,000. Finally, Indiana Trust & Investment Management CO acquired a new stake in shares of Broadcom during the third quarter valued at about $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AVGO. Oppenheimer reissued an “outperform” rating and issued a $1,500.00 price objective (up previously from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. UBS Group lifted their target price on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a report on Monday, February 26th. Rosenblatt Securities reissued a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Summit Insights raised shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Friday, December 8th. Finally, Benchmark reissued a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,230.18.

Broadcom Trading Up 0.5 %

Shares of AVGO stock traded up $6.68 during trading hours on Friday, hitting $1,325.41. 1,985,552 shares of the company were exchanged, compared to its average volume of 4,170,809. The firm has a market cap of $614.22 billion, a PE ratio of 49.13, a PEG ratio of 2.78 and a beta of 1.26. Broadcom Inc. has a 1 year low of $601.29 and a 1 year high of $1,438.17. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. The firm has a fifty day moving average of $1,275.48 and a 200 day moving average of $1,065.08.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. The business had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s revenue was up 34.2% on a year-over-year basis. During the same period in the prior year, the firm posted $9.83 EPS. Analysts expect that Broadcom Inc. will post 36.8 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be issued a $5.25 dividend. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.58%. Broadcom’s payout ratio is 77.84%.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the transaction, the insider now owns 16,575 shares in the company, valued at $22,276,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Charlie B. Kawwas sold 5,000 shares of Broadcom stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the sale, the insider now owns 16,575 shares in the company, valued at $22,276,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 2,500 shares of Broadcom stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the sale, the chief financial officer now owns 26,880 shares in the company, valued at approximately $28,039,603.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,810 shares of company stock worth $26,107,692. Company insiders own 2.00% of the company’s stock.

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.