Hemenway Trust Co LLC Buys 6,000 Shares of Broadcom Inc. $AVGO

Hemenway Trust Co LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 289.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 8,070 shares of the semiconductor manufacturer’s stock after purchasing an additional 6,000 shares during the period. Hemenway Trust Co LLC’s holdings in Broadcom were worth $2,793,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Broadcom by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock worth $167,064,997,000 after buying an additional 3,919,715 shares in the last quarter. Invesco Ltd. raised its position in shares of Broadcom by 1.8% in the third quarter. Invesco Ltd. now owns 39,149,651 shares of the semiconductor manufacturer’s stock worth $12,915,861,000 after buying an additional 700,021 shares in the last quarter. Legal & General Group Plc raised its position in shares of Broadcom by 2.3% in the third quarter. Legal & General Group Plc now owns 33,450,786 shares of the semiconductor manufacturer’s stock worth $11,035,749,000 after buying an additional 748,709 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Broadcom by 4.0% in the third quarter. Franklin Resources Inc. now owns 29,511,195 shares of the semiconductor manufacturer’s stock worth $9,736,038,000 after buying an additional 1,124,590 shares in the last quarter. Finally, Amundi raised its position in shares of Broadcom by 3.3% in the third quarter. Amundi now owns 22,216,816 shares of the semiconductor manufacturer’s stock worth $7,453,320,000 after buying an additional 716,523 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider S. Ram Velaga sold 38,841 shares of Broadcom stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $12,491,265.60. Following the transaction, the insider owned 96,147 shares in the company, valued at approximately $30,920,875.20. The trade was a 28.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 39,116 shares of Broadcom stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $321.61, for a total value of $12,580,096.76. Following the completion of the transaction, the insider owned 74,626 shares in the company, valued at approximately $24,000,467.86. This represents a 34.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 324,282 shares of company stock worth $106,425,249 in the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AVGO. JPMorgan Chase & Co. increased their price objective on Broadcom from $475.00 to $500.00 and gave the stock an “overweight” rating in a research report on Thursday, March 5th. Zacks Research upgraded Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 2nd. Seaport Research Partners reiterated a “neutral” rating on shares of Broadcom in a research report on Wednesday, April 8th. Wolfe Research upgraded Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 price objective on the stock in a research report on Friday, January 30th. Finally, Benchmark reiterated a “buy” rating and issued a $485.00 price objective on shares of Broadcom in a research report on Thursday, March 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued 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 $435.30.

Broadcom Stock Down 0.4%

Shares of NASDAQ:AVGO opened at $428.43 on Tuesday. The stock’s 50-day moving average price is $356.98 and its 200-day moving average price is $352.45. Broadcom Inc. has a 12-month low of $215.88 and a 12-month high of $437.68. The stock has a market capitalization of $2.03 trillion, a P/E ratio of 83.68, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, topping the consensus estimate of $2.03 by $0.02. The firm had revenue of $19.31 billion for the quarter, compared to the consensus estimate of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The company’s quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.60 earnings per share. On average, equities analysts anticipate that Broadcom Inc. will post 9.95 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd were issued a $0.65 dividend. The ex-dividend date was Monday, March 23rd. This represents a $2.60 annualized dividend and a dividend yield of 0.6%. Broadcom’s payout ratio is currently 50.78%.

Broadcom Profile

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.