Broadcom Inc. (NASDAQ:AVGO) Position Raised by Inspire Trust Co. N.A.

Key Points

• Inspire Trust Co. N.A. increased its stake in Broadcom by 29.4%, owning approximately $8.54 million in shares, making it the firm's 8th largest position.
• Analysts have set a new average price target of $295.96 for Broadcom, with 26 analysts giving it a buy rating.
• Broadcom's recent quarterly earnings report showed a 20.2% increase in revenue year-over-year, with adjusted earnings of $1.58 per share, surpassing expectations.

Inspire Trust Co. N.A. increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 29.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 51,000 shares of the semiconductor manufacturer's stock after buying an additional 11,600 shares during the quarter. Broadcom accounts for about 2.0% of Inspire Trust Co. N.A.'s holdings, making the stock its 8th biggest holding. Inspire Trust Co. N.A.'s holdings in Broadcom were worth $8,539,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom during the first quarter worth approximately $25,000. Cheviot Value Management LLC acquired a new stake in Broadcom in the first quarter valued at approximately $25,000. Inlight Wealth Management LLC acquired a new stake in Broadcom in the first quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom in the fourth quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Broadcom in the fourth quarter valued at approximately $30,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on AVGO shares. UBS Group raised their price objective on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Bank of America raised their price objective on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Benchmark raised their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Wall Street Zen lowered Broadcom from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Two analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, Broadcom has an average rating of "Buy" and an average target price of $295.96.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the transaction, the chief financial officer directly owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 829,716 shares of company stock valued at $217,040,489. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

Shares of AVGO traded up $2.14 during mid-day trading on Thursday, hitting $311.23. The stock had a trading volume of 15,694,460 shares, compared to its average volume of 17,086,756. The firm has a market cap of $1.46 trillion, a P/E ratio of 116.57, a PEG ratio of 2.20 and a beta of 1.15. The business has a fifty day moving average price of $277.08 and a 200-day moving average price of $228.95. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $317.35.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company posted $10.96 earnings per share. On average, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom's payout ratio is presently 88.39%.

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.