Broadcom Inc. $AVGO Shares Sold by Iowa State Bank

Iowa State Bank lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,574 shares of the semiconductor manufacturer’s stock after selling 1,698 shares during the period. Iowa State Bank’s holdings in Broadcom were worth $5,468,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Broadcom in the 2nd quarter worth approximately $18,579,549,000. Price T Rowe Associates Inc. MD grew its holdings in Broadcom by 37.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after purchasing an additional 17,985,046 shares during the last quarter. Vanguard Group Inc. grew its holdings in Broadcom by 1.3% in the second 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 during the last quarter. Edgewood Management LLC purchased a new position in shares of Broadcom in the second quarter valued at $1,571,438,000. Finally, Alliancebernstein L.P. raised its stake in shares of Broadcom by 16.0% during the 1st quarter. Alliancebernstein L.P. now owns 29,513,814 shares of the semiconductor manufacturer’s stock worth $4,941,498,000 after buying an additional 4,077,910 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Raymond James Financial set a $420.00 price objective on shares of Broadcom and gave the company an “outperform” rating in a research note on Thursday, November 20th. Benchmark upped their price target on shares of Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a report on Friday, December 12th. Evercore ISI raised their price objective on shares of Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 15th. JPMorgan Chase & Co. lifted their price objective on Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Finally, Wells Fargo & Company increased their target price on Broadcom from $255.00 to $345.00 and gave the company an “equal weight” rating in a report on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $435.96.

Broadcom Stock Up 0.4%

Shares of NASDAQ AVGO opened at $341.30 on Wednesday. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $414.61. The firm’s 50 day moving average price is $363.35 and its 200 day moving average price is $319.91. The firm has a market cap of $1.61 trillion, a P/E ratio of 71.70, a price-to-earnings-growth ratio of 1.23 and a beta of 1.19. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71.

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

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is 49.58%.

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 800 shares of the stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $331.14, for a total transaction of $264,912.00. Following the transaction, the director directly owned 21,382 shares in the company, valued at $7,080,435.48. This represents a 3.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the completion of the sale, the chief executive officer directly owned 725,638 shares in the company, valued at $246,412,152.04. This represents a 12.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 790,713 shares of company stock worth $287,419,394 in the last 90 days. 2.00% of the stock is owned by company insiders.

Broadcom Company 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.