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

Independence Bank of Kentucky increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 972.9% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 13,690 shares of the semiconductor manufacturer’s stock after buying an additional 12,414 shares during the quarter. Independence Bank of Kentucky’s holdings in Broadcom were worth $2,362,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. AXA S.A. grew its stake in shares of Broadcom by 2.7% during the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after purchasing an additional 7,608 shares during the period. MRA Advisory Group grew its stake in shares of Broadcom by 954.1% during the 3rd quarter. MRA Advisory Group now owns 9,455 shares of the semiconductor manufacturer’s stock valued at $1,631,000 after purchasing an additional 8,558 shares during the period. Ensign Peak Advisors Inc grew its stake in shares of Broadcom by 19.1% during the 2nd quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock valued at $842,160,000 after purchasing an additional 84,196 shares during the period. Red Spruce Capital LLC grew its stake in shares of Broadcom by 854.9% during the 3rd quarter. Red Spruce Capital LLC now owns 32,915 shares of the semiconductor manufacturer’s stock valued at $5,678,000 after purchasing an additional 29,468 shares during the period. Finally, Shellback Capital LP bought a new stake in shares of Broadcom during the 2nd quarter valued at about $60,368,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Sanford C. Bernstein boosted their price target on Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Oppenheimer cut their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Evercore ISI boosted their price objective on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Truist Financial boosted their price objective on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Morgan Stanley boosted their price objective on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $190.29.

Broadcom Price Performance

Shares of AVGO traded down $7.14 during mid-day trading on Friday, hitting $178.55. 2,323,449 shares of the stock were exchanged, compared to its average volume of 30,815,609. The company has a market cap 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 52-week low of $81.83 and a 52-week high of $186.42. The firm has a 50-day moving average of $162.16 and a two-hundred day 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 issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 EPS. On average, equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.19%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is 184.19%.

Insider Transactions at Broadcom

In related news, Director Gayla J. Delly sold 750 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now owns 34,750 shares in the company, valued at approximately $6,064,917.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 276,230 shares of company stock valued at $47,190,190 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.

About Broadcom

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.