Busey Bank Boosts Position in Broadcom Inc. (NASDAQ:AVGO)

Busey Bank lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 302,982 shares of the semiconductor manufacturer's stock after acquiring an additional 5,094 shares during the period. Broadcom makes up about 2.3% of Busey Bank's portfolio, making the stock its 9th largest holding. Busey Bank's holdings in Broadcom were worth $70,243,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in AVGO. Central Pacific Bank Trust Division increased its holdings in Broadcom by 21.5% in the 4th quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer's stock worth $4,858,000 after purchasing an additional 3,707 shares in the last quarter. Wolff Financial Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth about $244,000. Strait & Sound Wealth Management LLC increased its stake in shares of Broadcom by 829.8% in the third quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer's stock valued at $1,371,000 after buying an additional 7,095 shares during the period. Catalyst Financial Partners LLC increased its stake in shares of Broadcom by 943.3% in the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer's stock valued at $3,473,000 after buying an additional 18,206 shares during the period. Finally, Motive Wealth Advisors raised its holdings in Broadcom by 1,076.5% in the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock valued at $1,066,000 after buying an additional 4,209 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on AVGO. Morgan Stanley decreased their price target on shares of Broadcom from $265.00 to $246.00 and set an "overweight" rating for the company in a research report on Tuesday, January 28th. Robert W. Baird increased their price objective on Broadcom from $195.00 to $210.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Mizuho lifted their target price on Broadcom from $245.00 to $260.00 and gave the stock an "outperform" rating in a report on Friday, January 10th. Bank of America increased their price target on Broadcom from $215.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Finally, Jefferies Financial Group lifted their price objective on Broadcom from $205.00 to $225.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $225.04.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 45,000 shares of the stock in a transaction on 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 transaction, the chief executive officer now owns 842,836 shares of the company's stock, valued at $202,246,926.56. This represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the sale, the director now directly owns 30,450 shares of the company's stock, valued at approximately $7,308,000. This trade represents a 17.68 % 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 owned by corporate insiders.

Broadcom Price Performance

NASDAQ:AVGO traded up $5.61 during mid-day trading on Friday, hitting $221.27. 41,097,327 shares of the stock traded hands, compared to its average volume of 27,719,020. Broadcom Inc. has a 12-month low of $117.43 and a 12-month high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market cap of $1.04 trillion, a PE ratio of 180.48, a price-to-earnings-growth ratio of 2.16 and a beta of 1.03. The business's 50-day moving average price is $213.41 and its 200 day moving average price is $182.02.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business's revenue for the quarter was up 51.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.98 EPS. On average, analysts expect 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. Stockholders of record on Monday, December 23rd were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.07%. 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 192.50%.

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.