Huntington National Bank Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Huntington National Bank lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,084,742 shares of the semiconductor manufacturer’s stock after buying an additional 28,223 shares during the period. Broadcom comprises about 1.8% of Huntington National Bank’s holdings, making the stock its 10th largest position. Huntington National Bank’s holdings in Broadcom were worth $251,487,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Canton Hathaway LLC bought a new position in shares of Broadcom in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the 4th quarter valued at $26,000. JDM Financial Group LLC increased its position 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. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom during the 4th quarter worth $32,000. Finally, Bellevue Asset Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth about $33,000. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AVGO. KeyCorp raised their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Robert W. Baird increased their price objective on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Citigroup boosted their target price on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Hsbc Global Res raised Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Price Performance

AVGO stock opened at $168.52 on Wednesday. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The firm has a market capitalization of $792.37 billion, a P/E ratio of 137.46, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The company has a fifty day simple moving average of $206.64 and a two-hundred day simple moving average of $196.54. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 785,976 shares of company stock worth $147,912,102. Corporate insiders own 2.00% of the company’s stock.

About Broadcom

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.