Stock Yards Bank & Trust Co. Lowers Holdings in Broadcom Inc. (NASDAQ:AVGO)

Stock Yards Bank & Trust Co. reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,834 shares of the semiconductor manufacturer’s stock after selling 253 shares during the period. Broadcom makes up 1.6% of Stock Yards Bank & Trust Co.’s portfolio, making the stock its 15th biggest holding. Stock Yards Bank & Trust Co.’s holdings in Broadcom were worth $47,899,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. DHK Financial Advisors Inc. bought a new stake in shares of Broadcom during the 2nd quarter valued at about $387,000. Peregrine Asset Advisers Inc. bought a new stake in Broadcom during the second quarter valued at approximately $368,000. Capstone Wealth Management Group LLC grew its stake in Broadcom by 5.3% in the 2nd quarter. Capstone Wealth Management Group LLC now owns 3,687 shares of the semiconductor manufacturer’s stock worth $5,919,000 after buying an additional 185 shares in the last quarter. Primecap Management Co. CA increased its holdings in shares of Broadcom by 61.4% in the 2nd quarter. Primecap Management Co. CA now owns 95,428 shares of the semiconductor manufacturer’s stock worth $153,213,000 after buying an additional 36,317 shares during the last quarter. Finally, Excalibur Management Corp raised its position in shares of Broadcom by 15.4% during the 2nd quarter. Excalibur Management Corp now owns 688 shares of the semiconductor manufacturer’s stock valued at $1,105,000 after buying an additional 92 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares in the company, valued at $4,809,714.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Broadcom news, Director Justine Page sold 2,540 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the sale, the director now owns 27,480 shares in the company, valued at $4,809,714.48. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of research analyst reports. Jefferies Financial Group increased their target price on Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. UBS Group reduced their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Truist Financial raised their price objective on Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a report on Thursday, June 13th. Citigroup reaffirmed a “buy” rating and issued a $156.00 target price on shares of Broadcom in a research note on Tuesday, June 11th. Finally, TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday. Two equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $189.23.

Broadcom Trading Down 2.2 %

AVGO opened at $164.02 on Tuesday. Broadcom Inc. has a one year low of $79.51 and a one year high of $185.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The business has a 50 day simple moving average of $157.41 and a two-hundred day simple moving average of $145.98. The firm has a market capitalization of $763.49 billion, a price-to-earnings ratio of 7.05, a PEG ratio of 2.55 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during 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%. The firm’s revenue was up 47.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.95 earnings per share. Analysts predict that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a $0.53 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 9.12%.

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.