First County Bank CT Has $2.32 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

First County Bank CT lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 907.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,447 shares of the semiconductor manufacturer’s stock after purchasing an additional 12,112 shares during the quarter. Broadcom makes up about 1.1% of First County Bank CT’s investment portfolio, making the stock its 20th largest position. First County Bank CT’s holdings in Broadcom were worth $2,320,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Castleview Partners LLC raised its stake in shares of Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 134 shares in the last quarter. Tsfg LLC increased its stake in Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after acquiring an additional 204 shares during the period. Cedar Wealth Management LLC raised its position in Broadcom by 900.0% in the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock worth $41,000 after purchasing an additional 216 shares in the last quarter. Krane Funds Advisors LLC bought a new position in Broadcom during the third quarter worth about $42,000. Finally, Highline Wealth Partners LLC acquired a new stake in Broadcom during the third quarter valued at approximately $45,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $164.23 on Monday. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The stock has a 50 day moving average of $173.70 and a 200-day moving average of $160.62. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $767.05 billion, a P/E ratio of 142.81, a P/E/G ratio of 1.93 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.95 EPS. As a group, equities research analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.29%. Broadcom’s payout ratio is currently 184.35%.

Insider Activity

In related news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. This trade represents a 11.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on AVGO shares. Benchmark restated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. William Blair initiated coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Morgan Stanley boosted their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, UBS Group raised their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $195.96.

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.