Atlantic Union Bankshares Corp Sells 575 Shares of Broadcom Inc (NASDAQ:AVGO)

Atlantic Union Bankshares Corp reduced its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 4.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 12,797 shares of the semiconductor manufacturer’s stock after selling 575 shares during the period. Atlantic Union Bankshares Corp’s holdings in Broadcom were worth $3,533,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Asset Dedication LLC increased its holdings in Broadcom by 1.6% during the 3rd quarter. Asset Dedication LLC now owns 2,457 shares of the semiconductor manufacturer’s stock worth $673,000 after purchasing an additional 38 shares in the last quarter. Capital Investment Advisory Services LLC increased its holdings in Broadcom by 48.0% during the 3rd quarter. Capital Investment Advisory Services LLC now owns 2,247 shares of the semiconductor manufacturer’s stock worth $620,000 after purchasing an additional 729 shares in the last quarter. Commerzbank Aktiengesellschaft FI increased its holdings in Broadcom by 196.0% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 105,488 shares of the semiconductor manufacturer’s stock worth $29,122,000 after purchasing an additional 69,853 shares in the last quarter. Scott & Selber Inc. increased its holdings in Broadcom by 0.6% during the 3rd quarter. Scott & Selber Inc. now owns 8,762 shares of the semiconductor manufacturer’s stock worth $2,419,000 after purchasing an additional 49 shares in the last quarter. Finally, Boyd Watterson Asset Management LLC OH increased its holdings in Broadcom by 6.8% during the 3rd quarter. Boyd Watterson Asset Management LLC OH now owns 4,900 shares of the semiconductor manufacturer’s stock worth $1,353,000 after purchasing an additional 310 shares in the last quarter. 84.93% of the stock is owned by hedge funds and other institutional investors.

A number of analysts have commented on AVGO shares. Oppenheimer set a $315.00 price objective on Broadcom and gave the stock a “buy” rating in a report on Friday, September 13th. Susquehanna Bancshares boosted their price objective on Broadcom from $315.00 to $345.00 and gave the stock a “positive” rating in a report on Friday, September 13th. SunTrust Banks set a $322.00 target price on Broadcom and gave the stock a “buy” rating in a research note on Friday, September 27th. KeyCorp boosted their target price on Broadcom from $330.00 to $340.00 and gave the stock an “overweight” rating in a research note on Friday, September 13th. Finally, BidaskClub upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-nine have given a buy rating to the stock. Broadcom presently has an average rating of “Buy” and a consensus price target of $312.06.

In related news, insider Mark David Brazeal sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $289.43, for a total value of $578,860.00. Also, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $270.46, for a total value of $5,409,200.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,000 shares of company stock worth $17,550,860. 3.30% of the stock is owned by company insiders.

Broadcom stock opened at $289.51 on Friday. Broadcom Inc has a 12 month low of $208.23 and a 12 month high of $323.20. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 1.58. The business’s 50 day simple moving average is $282.88 and its 200 day simple moving average is $286.77. The company has a market cap of $115.16 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 1.45 and a beta of 0.89.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing the consensus estimate of $4.10 by ($0.11). Broadcom had a net margin of 13.44% and a return on equity of 34.10%. The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter in the previous year, the company posted $4.98 EPS. Broadcom’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, equities research analysts forecast that Broadcom Inc will post 16.97 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 23rd were paid a $2.65 dividend. The ex-dividend date of this dividend was Friday, September 20th. This represents a $10.60 annualized dividend and a yield of 3.66%. Broadcom’s payout ratio is 56.29%.

About Broadcom

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

Further Reading: S&P 500 Index

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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