Peoples Financial Services CORP. Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

17 Oct 2024, 16:15 by Mitch Edgeman · The Markets Daily

Peoples Financial Services CORP. boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 871.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 39,110 shares of the semiconductor manufacturer’s stock after buying an additional 35,083 shares during the quarter. Broadcom makes up about 3.1% of Peoples Financial Services CORP.’s holdings, making the stock its 5th biggest holding. Peoples Financial Services CORP.’s holdings in Broadcom were worth $6,746,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Legend Financial Advisors Inc. grew its stake in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the last quarter. Richardson Capital Management LLC purchased a new stake in Broadcom in the 1st quarter worth approximately $29,000. Delta Asset Management LLC TN grew its position in shares of Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC purchased a new position in shares of Broadcom during the first quarter valued at approximately $36,000. Finally, Tsfg LLC raised its holdings in shares of Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after acquiring an additional 204 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In other news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value 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 $126,754,425.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares in the company, valued at approximately $70,744,366. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock valued at $53,540,590 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Broadcom Trading Up 0.5 %

NASDAQ:AVGO opened at $176.82 on Thursday. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $186.42. The stock has a market cap of $823.08 billion, a price-to-earnings ratio of 7.61, a PEG ratio of 2.99 and a beta of 1.17. The company’s 50 day moving average price is $165.17 and its 200-day moving average price is $152.58. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO – Get Free Report) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS 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 analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 EPS. On average, equities research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.20%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 9.12%.

Analyst Ratings Changes

AVGO has been the topic of several recent analyst reports. Truist Financial lifted their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Bank of America reaffirmed a “buy” rating and set a $215.00 target price (up previously from $200.00) on shares of Broadcom in a research note on Monday, June 24th. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. William Blair began coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Finally, TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $191.54.

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