Broadcom Inc. $AVGO is Stock Yards Bank & Trust Co.’s 6th Largest Position

Stock Yards Bank & Trust Co. lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 285,293 shares of the semiconductor manufacturer’s stock after selling 6,271 shares during the period. Broadcom makes up about 3.0% of Stock Yards Bank & Trust Co.’s portfolio, making the stock its 6th biggest position. Stock Yards Bank & Trust Co.’s holdings in Broadcom were worth $94,121,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Broadcom by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after purchasing an additional 6,222,802 shares in the last quarter. State Street Corp increased its holdings in Broadcom by 0.5% during the second quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock valued at $51,071,601,000 after buying an additional 873,963 shares during the period. Geode Capital Management LLC raised its stake in Broadcom by 2.1% in the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after buying an additional 2,226,585 shares in the last quarter. Norges Bank purchased a new stake in Broadcom during the second quarter worth $18,579,549,000. Finally, Invesco Ltd. boosted its position in Broadcom by 8.4% during the 2nd quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock valued at $10,598,641,000 after acquiring an additional 2,978,768 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

Shares of Broadcom stock opened at $324.85 on Tuesday. The company has a 50 day moving average price of $356.84 and a 200 day moving average price of $336.51. The firm has a market capitalization of $1.54 trillion, a P/E ratio of 68.25, a PEG ratio of 1.06 and a beta of 1.21. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The company had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. During the same quarter in the previous year, the firm earned $1.42 EPS. Broadcom’s revenue was up 28.2% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 22nd were given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is currently 54.62%.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 130,000 shares of Broadcom stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $326.02, for a total transaction of $42,382,600.00. Following the completion of the sale, the chief executive officer owned 595,638 shares of the company’s stock, valued at approximately $194,189,900.76. The trade was a 17.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 30,000 shares of the business’s stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total value of $10,434,600.00. Following the sale, the chief financial officer owned 277,237 shares in the company, valued at approximately $96,428,573.34. The trade was a 9.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 779,901 shares of company stock worth $284,069,237. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of analyst reports. Benchmark upped their price objective on Broadcom from $385.00 to $485.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Raymond James Financial set a $420.00 price target on shares of Broadcom and gave the company an “outperform” rating in a research report on Thursday, November 20th. Mizuho set a $480.00 price target on shares of Broadcom and gave the company an “outperform” rating in a report on Friday, January 9th. JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. Finally, Evercore ISI increased their target price on shares of Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research report on Wednesday, October 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $438.61.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.