First Western Trust Bank Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

First Western Trust Bank grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 15.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,784 shares of the semiconductor manufacturer’s stock after purchasing an additional 494 shares during the period. First Western Trust Bank’s holdings in Broadcom were worth $634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Brighton Jones LLC lifted its holdings in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC lifted its holdings in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after acquiring an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its holdings in Broadcom by 16.4% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer’s stock valued at $51,283,000 after acquiring an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE lifted its holdings in Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer’s stock valued at $5,917,000 after acquiring an additional 322 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $602,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

AVGO stock opened at $304.97 on Friday. The firm has a 50 day moving average of $272.87 and a 200-day moving average of $226.82. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $310.34. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.43 trillion, a price-to-earnings ratio of 114.22, a PEG ratio of 2.16 and a beta of 1.15.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same period last year, the company posted $10.96 EPS. The company’s revenue was up 20.2% on a year-over-year basis. As a group, equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s payout ratio is presently 88.39%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on AVGO. Cowen reiterated a “buy” rating on shares of Broadcom in a report on Friday, June 6th. Benchmark boosted their price objective on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a report on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Wall Street Zen downgraded Broadcom from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Susquehanna boosted their price objective on Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $294.92.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the company’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer owned 325,587 shares of the company’s stock, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 in the last three months. 2.00% of the stock is currently 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.