Independence Bank of Kentucky Acquires 12,414 Shares of Broadcom Inc. (NASDAQ:AVGO)

Independence Bank of Kentucky raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 972.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 13,690 shares of the semiconductor manufacturer’s stock after buying an additional 12,414 shares during the period. Independence Bank of Kentucky’s holdings in Broadcom were worth $2,362,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of AVGO. Handelsbanken Fonder AB grew its position in shares of Broadcom by 826.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,963,813 shares of the semiconductor manufacturer’s stock worth $511,258,000 after buying an additional 2,643,845 shares in the last quarter. Swedbank AB bought a new position in shares of Broadcom during the 1st quarter worth $2,835,737,000. Vanguard Group Inc. grew its position in shares of Broadcom by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after buying an additional 1,303,462 shares in the last quarter. Jennison Associates LLC grew its position in shares of Broadcom by 43.9% during the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after buying an additional 1,263,957 shares in the last quarter. Finally, GQG Partners LLC grew its position in shares of Broadcom by 48.9% during the 1st quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock worth $3,966,730,000 after buying an additional 983,328 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Broadcom stock traded down $7.14 during midday trading on Friday, hitting $178.55. 2,323,449 shares of the company were exchanged, compared to its average volume of 30,815,609. The firm has a market capitalization of $833.93 billion, a PE ratio of 161.33, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $81.83 and a fifty-two week high of $186.42. The business has a fifty day simple moving average of $162.16 and a two-hundred day simple moving average of $151.32. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period last year, the company earned $0.95 earnings per share. On average, sell-side analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.19%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is 184.19%.

Analyst Ratings Changes

A number of brokerages recently weighed in on AVGO. Rosenblatt Securities dropped their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Piper Sandler raised their price objective on Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Wells Fargo & Company raised their price objective on Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a research report on Thursday, June 13th. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, Mizuho raised their price objective on Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $190.29.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the sale, the insider now directly owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the sale, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 276,230 shares of company stock valued at $47,190,190 over the last ninety days. Company 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.