Broadcom Inc. $AVGO Shares Purchased by Eastern Bank

Eastern Bank raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.2% in the second quarter, HoldingsChannel.com reports. The firm owned 505,777 shares of the semiconductor manufacturer’s stock after buying an additional 15,849 shares during the period. Broadcom comprises about 2.9% of Eastern Bank’s investment portfolio, making the stock its 5th biggest holding. Eastern Bank’s holdings in Broadcom were worth $191,057,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of AVGO. Brighton Jones LLC boosted its position in shares of Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after purchasing an additional 756 shares in the last quarter. United Bank raised its holdings in shares of Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer’s stock worth $392,000 after purchasing an additional 1,014 shares in the last quarter. Sivia Capital Partners LLC lifted its stake in Broadcom by 10.1% during the second quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer’s stock valued at $3,499,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Capital & Planning LLC lifted its stake in Broadcom by 10.5% during the second quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer’s stock valued at $1,098,000 after purchasing an additional 378 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Broadcom stock opened at $392.23 on Tuesday. The firm’s 50 day simple moving average is $393.64 and its 200-day simple moving average is $368.48. The company has a market cap of $1.87 trillion, a P/E ratio of 65.37, a price-to-earnings-growth ratio of 0.74 and a beta of 1.45. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. Broadcom Inc. has a fifty-two week low of $281.87 and a fifty-two week high of $495.00.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, beating the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The business had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $22.13 billion. During the same quarter in the prior year, the firm earned $1.58 EPS. The firm’s quarterly revenue was up 47.9% on a year-over-year basis. As a group, equities research analysts predict that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Monday, June 22nd. Broadcom’s payout ratio is 43.33%.

Insiders Place Their Bets

In other news, Director Justine Page sold 1,602 shares of Broadcom stock in a transaction on Monday, June 29th. The stock was sold at an average price of $373.86, for a total transaction of $598,923.72. Following the transaction, the director owned 17,426 shares in the company, valued at approximately $6,514,884.36. The trade was a 8.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Harry L. You purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were acquired at an average cost of $373.57 per share, for a total transaction of $373,570.00. Following the completion of the transaction, the director directly owned 38,466 shares of the company’s stock, valued at $14,369,743.62. This trade represents a 2.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 61,644 shares of company stock worth $24,016,214 over the last three months. Company insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on AVGO shares. Truist Financial raised their target price on shares of Broadcom from $545.00 to $550.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. KeyCorp reaffirmed an “overweight” rating and issued a $575.00 price target (up from $500.00) on shares of Broadcom in a report on Thursday, June 4th. Morgan Stanley set a $502.00 price objective on Broadcom and gave the company an “overweight” rating in a research report on Thursday, June 4th. Citigroup reissued a “buy” rating on shares of Broadcom in a research note on Thursday, June 4th. Finally, UBS Group set a $485.00 target price on Broadcom and gave the stock a “buy” rating in a report on Thursday, June 4th. Twenty-eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $493.24.

About Broadcom

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.