Intrust Bank NA Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Intrust Bank NA increased its stake in Broadcom Inc. by 2.3%, owning 60,309 shares worth approximately $10.1 million, making it the bank's 21st largest investment.
• Broadcom has seen significant activity from large investors, with firms like GAMMA Investing LLC increasing their position by over 18,000%, now owning 17.3 million shares valued at nearly $2.9 billion.
• The company reported a 20.2% year-over-year revenue growth with a quarterly revenue of $15 billion, and recently announced a dividend of $0.59 per share.

Intrust Bank NA lifted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 60,309 shares of the semiconductor manufacturer's stock after acquiring an additional 1,376 shares during the period. Broadcom accounts for approximately 1.0% of Intrust Bank NA's holdings, making the stock its 21st biggest holding. Intrust Bank NA's holdings in Broadcom were worth $10,098,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. Northern Trust Corp lifted its stake in Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares during the last quarter. APG Asset Management N.V. raised its stake in shares of Broadcom by 609.4% during the fourth quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer's stock valued at $980,500,000 after acquiring an additional 3,762,034 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Broadcom by 14.8% during the fourth quarter. Janus Henderson Group PLC now owns 15,358,690 shares of the semiconductor manufacturer's stock valued at $3,560,643,000 after acquiring an additional 1,974,620 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Activity

In related news, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares in the company, valued at $105,353,335.68. This represents a 10.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 830,516 shares of company stock worth $217,224,641. Company insiders own 2.00% of the company's stock.

Broadcom Stock Performance

NASDAQ:AVGO traded up $8.74 during mid-day trading on Wednesday, hitting $301.67. The company's stock had a trading volume of 17,275,421 shares, compared to its average volume of 17,267,806. Broadcom Inc. has a 1 year low of $134.90 and a 1 year high of $306.95. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock has a market cap of $1.42 trillion, a price-to-earnings ratio of 112.99, a PEG ratio of 2.08 and a beta of 1.15. The business's fifty day moving average is $270.33 and its two-hundred day moving average is $225.92.

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

Broadcom Announces Dividend

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

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Redburn Atlantic assumed coverage on shares of Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a research note on Tuesday, June 24th. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Finally, Morgan Stanley set a $338.00 price target on shares of Broadcom and gave the company an "overweight" rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $294.92.

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.