Hancock Whitney Corp Purchases 252,560 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hancock Whitney Corp boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 1,062.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 276,324 shares of the semiconductor manufacturer’s stock after purchasing an additional 252,560 shares during the period. Broadcom makes up approximately 1.5% of Hancock Whitney Corp’s investment portfolio, making the stock its 11th biggest holding. Hancock Whitney Corp’s holdings in Broadcom were worth $47,666,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. raised its stake in shares of Broadcom by 166.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer’s stock valued at $3,070,000 after acquiring an additional 1,446 shares in the last quarter. Redwood Investment Management LLC purchased a new position in Broadcom during the first quarter valued at approximately $1,015,000. Creekmur Asset Management LLC increased its holdings in Broadcom by 89.7% during the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock valued at $98,000 after buying an additional 35 shares during the period. Montchanin Asset Management LLC purchased a new position in Broadcom during the first quarter valued at approximately $1,140,000. Finally, Kozak & Associates Inc. increased its holdings in Broadcom by 11.7% during the first quarter. Kozak & Associates Inc. now owns 362 shares of the semiconductor manufacturer’s stock valued at $510,000 after buying an additional 38 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of several research reports. Truist Financial lifted their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Cantor Fitzgerald lifted their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. UBS Group lifted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Morgan Stanley lifted their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, William Blair began coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Two investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Trading Down 0.0 %

Shares of Broadcom stock opened at $164.74 on Wednesday. The firm has a 50-day simple moving average of $173.76 and a two-hundred day simple moving average of $161.09. The company has a market cap of $769.43 billion, a P/E ratio of 143.13, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

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

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by corporate insiders.

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.