Mechanics Bank Trust Department Has $3.40 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Mechanics Bank Trust Department raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 13.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,683 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,785 shares during the period. Mechanics Bank Trust Department’s holdings in Broadcom were worth $3,404,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Castleview Partners LLC grew its position in Broadcom by 1,030.8% in 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 last quarter. Pin Oak Investment Advisors Inc. grew its holdings in shares of Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. JDM Financial Group LLC grew its holdings in shares of Broadcom by 1,323.1% during the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 172 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new position in Broadcom during the 4th quarter worth approximately $37,000. Finally, Tsfg LLC lifted its stake in Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 204 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Up 1.2 %

Shares of NASDAQ:AVGO opened at $240.31 on Wednesday. Broadcom Inc. has a 1 year low of $117.43 and a 1 year high of $251.88. The company has a market capitalization of $1.13 trillion, a PE ratio of 196.01, a price-to-earnings-growth ratio of 2.48 and a beta of 1.03. The business has a fifty day moving average price of $203.18 and a two-hundred day moving average price of $178.65. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.98 earnings per share. Analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a yield of 0.98%. Broadcom’s dividend payout ratio is presently 192.50%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Benchmark reiterated a “buy” rating and set a $255.00 price target (up from $210.00) on shares of Broadcom in a report on Friday, December 13th. Hsbc Global Res upgraded shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. raised their price objective on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Susquehanna boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report on Friday, December 13th. Finally, Piper Sandler boosted their price target on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $225.83.

Insider Buying and Selling at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 12,570 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $229.62, for a total transaction of $2,886,323.40. Following the sale, the chief financial officer now owns 325,443 shares of the company’s stock, valued at $74,728,221.66. The trade was a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 45,000 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the transaction, the chief executive officer now directly owns 842,836 shares of the company’s stock, valued at $202,246,926.56. The trade was a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,278 shares of company stock valued at $44,964,800. 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.