Independence Bank of Kentucky boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 24.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,775 shares of the semiconductor manufacturer's stock after purchasing an additional 3,725 shares during the period. Independence Bank of Kentucky's holdings in Broadcom were worth $3,143,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new stake in Broadcom in the fourth quarter worth approximately $16,893,010,000. GAMMA Investing LLC raised its holdings in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC lifted its stake in shares of Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
Insiders Place Their Bets
In related news, Director Justine Page sold 800 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 over the last 90 days. Corporate insiders own 2.00% of the company's stock.
Broadcom Stock Down 5.0%
AVGO stock opened at $246.95 on Friday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market cap of $1.16 trillion, a PE ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The business's 50-day simple moving average is $203.73 and its 200 day simple moving average is $206.22.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm earned $10.96 EPS. On average, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom announced that its board has authorized a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its stock is undervalued.
Broadcom Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. Broadcom's dividend payout ratio is currently 113.46%.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on AVGO shares. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Saturday. Oppenheimer increased their price objective on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Mizuho raised their price objective on Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a research note on Friday. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Thursday. Finally, Morgan Stanley increased their price target on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $270.25.
View Our Latest Stock Report on Broadcom
About Broadcom
(
Free Report)
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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