Idaho Trust Bank Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Idaho Trust Bank bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 209 shares of the semiconductor manufacturer’s stock, valued at approximately $336,000.

Several other hedge funds have also recently bought and sold shares of the stock. Legend Financial Advisors Inc. increased its stake in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 8 shares during the last quarter. Richardson Capital Management LLC acquired a new stake in shares of Broadcom in the first quarter valued at about $29,000. Delta Asset Management LLC TN raised its holdings in Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC acquired a new position in Broadcom during the first quarter valued at approximately $36,000. Finally, Ulland Investment Advisors LLC bought a new position in Broadcom in the first quarter valued at approximately $37,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

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

Broadcom Trading Up 6.8 %

Shares of Broadcom stock opened at $158.27 on Thursday. The stock has a market capitalization of $736.73 billion, a PE ratio of 6.81, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16. Broadcom Inc. has a 52 week low of $79.51 and a 52 week high of $185.16. The stock has a 50 day moving average price of $188.37 and a two-hundred day moving average price of $156.34. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period last year, the firm earned $0.95 earnings per share. As a group, equities analysts anticipate that Broadcom Inc. will post 3.75 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.34%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Benchmark reissued a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group lifted their price objective on shares of Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Wells Fargo & Company raised their price objective on Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a research report on Thursday, June 13th. Finally, Morgan Stanley increased their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $189.23.

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.