Broadcom Inc. (NASDAQ:AVGO) Shares Sold by First Merchants Corp

First Merchants Corp cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 198,339 shares of the semiconductor manufacturer's stock after selling 5,056 shares during the quarter. Broadcom comprises approximately 1.8% of First Merchants Corp's holdings, making the stock its 9th largest holding. First Merchants Corp's holdings in Broadcom were worth $45,983,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of AVGO. State Street Corp lifted its position in Broadcom by 948.5% in the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer's stock worth $31,814,902,000 after buying an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC lifted its position in Broadcom by 976.6% in the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer's stock worth $17,055,760,000 after buying an additional 89,975,941 shares during the last quarter. FMR LLC increased its stake in Broadcom by 1,121.3% in the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer's stock worth $15,594,088,000 after purchasing an additional 82,998,328 shares during the period. Jennison Associates LLC increased its stake in Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer's stock worth $6,209,758,000 after purchasing an additional 32,178,542 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Broadcom by 975.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer's stock worth $5,833,894,000 after purchasing an additional 30,674,902 shares during the period. 76.43% of the stock is currently owned by institutional investors.

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Broadcom Stock Down 0.8 %

NASDAQ AVGO traded down $1.85 during trading on Thursday, hitting $226.89. The company's stock had a trading volume of 16,076,238 shares, compared to its average volume of 27,697,162. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a market cap of $1.06 trillion, a PE ratio of 185.06, a P/E/G ratio of 2.39 and a beta of 1.02. The business's 50 day simple moving average is $229.29 and its 200-day simple moving average is $189.00. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company's quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter last year, the company earned $0.98 earnings per share. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend was Monday, December 23rd. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio (DPR) is currently 192.50%.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 40,000 shares of the firm's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total value of $9,279,200.00. Following the completion of the sale, the insider now owns 696,730 shares of the company's stock, valued at approximately $161,627,425.40. This trade represents a 5.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total value of $10,798,200.00. Following the sale, the chief executive officer now directly owns 842,836 shares of the company's stock, valued at $202,246,926.56. This trade represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Evercore ISI increased their target price on Broadcom from $201.00 to $250.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. UBS Group increased their target price on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Bank of America increased their target price on Broadcom from $215.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Morgan Stanley reduced their target price on Broadcom from $265.00 to $246.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 28th. Finally, Robert W. Baird increased their target price on Broadcom from $195.00 to $210.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $225.04.

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.