Broadcom Inc. $AVGO is Busey Bank's 8th Largest Position

Key Points

• Busey Bank increased its Broadcom stake slightly in the first quarter, owning 292,232 shares worth about $90.4 million. Broadcom is now its 8th largest position and makes up 2.5% of the bank’s holdings.
• Broadcom continues to attract major institutional interest, with several other firms adding to their positions, and institutions now own 76.43% of the stock. At the same time, insiders have been selling shares in recent months.
• The company’s fundamentals remain strong, with Broadcom recently beating quarterly EPS and revenue estimates and reporting 47.9% year-over-year revenue growth. Analysts are still broadly positive, with a consensus rating of Moderate Buy and an average price target of $493.24.

Busey Bank boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 292,232 shares of the semiconductor manufacturer's stock after purchasing an additional 1,485 shares during the period. Broadcom comprises 2.5% of Busey Bank's holdings, making the stock its 8th largest position. Busey Bank's holdings in Broadcom were worth $90,449,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. PUREfi Wealth LLC increased its position in shares of Broadcom by 12.0% during the 1st quarter. PUREfi Wealth LLC now owns 12,334 shares of the semiconductor manufacturer's stock valued at $3,817,000 after purchasing an additional 1,317 shares during the last quarter. Collaborative Fund Advisors LLC bought a new stake in shares of Broadcom during the 1st quarter worth $866,000. Nvest Financial LLC boosted its holdings in shares of Broadcom by 20.2% in the 1st quarter. Nvest Financial LLC now owns 1,582 shares of the semiconductor manufacturer's stock worth $490,000 after buying an additional 266 shares during the last quarter. Westfuller Advisors LLC boosted its holdings in shares of Broadcom by 0.5% in the 1st quarter. Westfuller Advisors LLC now owns 7,624 shares of the semiconductor manufacturer's stock worth $2,360,000 after buying an additional 36 shares during the last quarter. Finally, Kathmere Capital Management LLC grew its position in Broadcom by 49.4% during the first quarter. Kathmere Capital Management LLC now owns 18,366 shares of the semiconductor manufacturer's stock valued at $5,684,000 after buying an additional 6,075 shares during the period. Institutional investors own 76.43% of the company's stock.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 4,825 shares of the business's stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $394.91, for a total transaction of $1,905,440.75. Following the sale, the insider owned 269,989 shares of the company's stock, valued at $106,621,355.99. The trade was a 1.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Justine Page sold 1,602 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $373.86, for a total value of $598,923.72. Following the sale, the director owned 17,426 shares in the company, valued at approximately $6,514,884.36. This represents a 8.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 9,754 shares of company stock worth $3,774,846. Corporate insiders own 1.90% of the company's stock.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Apple’s multiyear agreement to buy more than $30 billion of Broadcom chips through 2031 reinforces demand for Broadcom’s custom silicon and U.S. manufacturing strategy. Reuters: Apple to spend $30 billion in Broadcom chips deal that will see Colorado factory expand
• Positive Sentiment: Wall Street remains upbeat on Broadcom’s AI chip momentum, with Jefferies reiterating a Buy rating and a $550 price target on improving AI-related growth prospects. Broadcom’s (AVGO) AI Chip Momentum Keeps Wall Street Bullish
• Positive Sentiment: Broader semiconductor sentiment improved as the AI trade rebounded, with analysts and market commentators viewing the recent selloff as a buying opportunity for chip stocks like Broadcom. Broadcom, Intel, Corning, Marvell, and More Stocks That Explain Today's Market
• Neutral Sentiment: Zacks highlighted Broadcom as a dividend-paying AI infrastructure name, underscoring its mix of income and AI exposure, but this was more of a stock-picking view than a new company-specific catalyst. These Dividend Paying Stocks Offer Strong Exposure to AI Trends
• Negative Sentiment: Erste Group downgraded Broadcom to Hold, citing valuation concerns, which may temper some of the enthusiasm after the recent rally. Erste Group downgrades Broadcom to Hold citing valuation concerns

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $401.11 on Friday. The firm has a market capitalization of $1.91 trillion, a PE ratio of 66.85, a P/E/G ratio of 0.68 and a beta of 1.45. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. The company has a 50-day moving average price of $405.40 and a two-hundred day moving average price of $363.87. Broadcom Inc. has a twelve month low of $269.58 and a twelve month high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.04. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The company's quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.58 earnings per share. Equities analysts forecast that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Monday, June 22nd. Broadcom's payout ratio is currently 43.33%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. KeyCorp restated an "overweight" rating and set a $575.00 price objective (up from $500.00) on shares of Broadcom in a report on Thursday, June 4th. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $500.00 to $580.00 and gave the company an "overweight" rating in a research note on Thursday, June 4th. Royal Bank Of Canada increased their target price on shares of Broadcom from $360.00 to $400.00 and gave the company a "sector perform" rating in a research report on Thursday, June 4th. Weiss Ratings lowered shares of Broadcom from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. Finally, Erste Group Bank reaffirmed a "hold" rating on shares of Broadcom in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $493.24.

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.

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