Broadcom Inc. $AVGO Shares Purchased by Horizon Bancorp Inc. IN

Key Points

• Horizon Bancorp Inc. significantly increased its position in Broadcom, purchasing an additional 7,075 shares during Q2, lifting its holdings by 1,181.1% and making Broadcom its 17th largest position.
• Broadcom's shares have recently received multiple upgrades from research analysts, with current target prices ranging from $360 to $415, indicating strong bullish sentiment.
• The company reported earnings that exceeded expectations, with $1.69 earnings per share and a revenue of $15.95 billion, reflecting a 22% year-over-year growth.

Horizon Bancorp Inc. IN lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,181.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,674 shares of the semiconductor manufacturer's stock after purchasing an additional 7,075 shares during the period. Broadcom comprises about 1.1% of Horizon Bancorp Inc. IN's holdings, making the stock its 17th largest position. Horizon Bancorp Inc. IN's holdings in Broadcom were worth $2,115,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom during the first quarter worth approximately $25,000. Cheviot Value Management LLC acquired a new position in shares of Broadcom in the 1st quarter valued at $25,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom in the 1st quarter valued at $26,000. Sawyer & Company Inc increased its holdings in shares of Broadcom by 62.1% in the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer's stock valued at $26,000 after acquiring an additional 36 shares during the period. Finally, Legend Financial Advisors Inc. acquired a new position in shares of Broadcom in the 2nd quarter valued at $28,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent research reports. Morgan Stanley set a $409.00 price objective on shares of Broadcom and gave the company an "overweight" rating in a research note on Tuesday. Oppenheimer restated an "outperform" rating and issued a $360.00 price target (up previously from $325.00) on shares of Broadcom in a research report on Friday, September 5th. UBS Group set a $415.00 price target on Broadcom and gave the company a "buy" rating in a research report on Tuesday. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price on the stock in a report on Tuesday, June 24th. Finally, Piper Sandler boosted their target price on Broadcom from $315.00 to $375.00 and gave the company an "overweight" rating in a report on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $372.33.

Broadcom Trading Up 2.1%

Shares of AVGO opened at $351.33 on Thursday. The company has a current ratio of 1.50, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86. The firm's 50-day moving average is $325.83 and its two-hundred day moving average is $266.04. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $374.23. The firm has a market capitalization of $1.66 trillion, a P/E ratio of 89.63, a PEG ratio of 1.91 and a beta of 1.20.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share for the quarter, topping analysts' consensus estimates of $1.66 by $0.03. The business had revenue of $15.95 billion for the quarter, compared to analysts' expectations of $15.82 billion. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.The company's revenue was up 22.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.24 EPS. Broadcom has set its Q4 2025 guidance at EPS. On average, research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 22nd were issued a $0.59 dividend. The ex-dividend date of this dividend was Monday, September 22nd. This represents a $2.36 annualized dividend and a yield of 0.7%. Broadcom's dividend payout ratio is 60.20%.

Insider Transactions at Broadcom

In related news, Director Henry Samueli sold 368,797 shares of the stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $337.91, for a total value of $124,620,194.27. Following the sale, the director directly owned 37,722,534 shares of the company's stock, valued at approximately $12,746,821,463.94. This represents a 0.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 16,558 shares of the stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the completion of the sale, the insider directly owned 329,302 shares in the company, valued at approximately $114,468,668.22. The trade was a 4.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 3,550 shares of company stock worth $1,227,869 and sold 664,471 shares worth $225,184,128. Insiders own 2.00% of the company's stock.

Broadcom Profile

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.

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