Chevy Chase Trust Holdings LLC Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Chevy Chase Trust Holdings LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 995.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,663,819 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,420,575 shares during the quarter. Broadcom comprises about 1.4% of Chevy Chase Trust Holdings LLC’s portfolio, making the stock its 10th biggest position. Chevy Chase Trust Holdings LLC owned approximately 0.06% of Broadcom worth $459,509,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cinctive Capital Management LP lifted its stake in shares of Broadcom by 1,381.3% in the 3rd quarter. Cinctive Capital Management LP now owns 23,894 shares of the semiconductor manufacturer’s stock valued at $4,122,000 after purchasing an additional 22,281 shares during the period. Clear Street Derivatives LLC acquired a new position in shares of Broadcom in the 3rd quarter valued at about $4,209,000. Coastwise Capital Group LLC lifted its stake in shares of Broadcom by 904.4% in the 3rd quarter. Coastwise Capital Group LLC now owns 2,049 shares of the semiconductor manufacturer’s stock valued at $353,000 after purchasing an additional 1,845 shares during the period. Community Bank N.A. lifted its stake in shares of Broadcom by 837.0% in the 3rd quarter. Community Bank N.A. now owns 51,373 shares of the semiconductor manufacturer’s stock valued at $8,862,000 after purchasing an additional 45,890 shares during the period. Finally, Concentric Capital Strategies LP raised its stake in Broadcom by 399.2% during the 3rd quarter. Concentric Capital Strategies LP now owns 70,220 shares of the semiconductor manufacturer’s stock worth $12,113,000 after buying an additional 56,153 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now directly owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 over the last ninety days. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

Shares of AVGO opened at $162.08 on Monday. 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 $757.01 billion, a price-to-earnings ratio of 140.94, a PEG ratio of 1.91 and a beta of 1.17. The stock has a 50 day moving average of $173.39 and a 200 day moving average of $161.69. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the business posted $0.95 earnings per share. Broadcom’s revenue was up 47.3% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Cantor Fitzgerald upped their price target on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Benchmark reaffirmed a “buy” rating and set a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. JPMorgan Chase & Co. upped their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Truist Financial upped their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Finally, Morgan Stanley upped their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. 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.