Indie Asset Partners LLC Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Indie Asset Partners LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 891.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,343 shares of the semiconductor manufacturer’s stock after buying an additional 4,804 shares during the quarter. Broadcom comprises approximately 0.7% of Indie Asset Partners LLC’s holdings, making the stock its 23rd largest holding. Indie Asset Partners LLC’s holdings in Broadcom were worth $922,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of AVGO. Lion Street Advisors LLC grew its holdings in Broadcom by 1.9% during the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after acquiring an additional 6 shares in the last quarter. O Dell Group LLC lifted its position in shares of Broadcom by 2.3% in the 1st quarter. O Dell Group LLC now owns 356 shares of the semiconductor manufacturer’s stock worth $472,000 after purchasing an additional 8 shares during the period. Hudson Value Partners LLC boosted its stake in shares of Broadcom by 2.7% during the first quarter. Hudson Value Partners LLC now owns 308 shares of the semiconductor manufacturer’s stock valued at $408,000 after purchasing an additional 8 shares in the last quarter. Renasant Bank increased its holdings in Broadcom by 1.0% during the first quarter. Renasant Bank now owns 785 shares of the semiconductor manufacturer’s stock valued at $1,040,000 after buying an additional 8 shares during the period. Finally, Optimum Investment Advisors raised its stake in Broadcom by 0.6% in the second quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock worth $2,262,000 after buying an additional 8 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. UBS Group increased their target price on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday. William Blair began coverage on Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating on the stock. Mizuho increased their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Truist Financial increased their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Insider Buying and Selling at Broadcom

In related news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the transaction, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $173.90 on Wednesday. Broadcom Inc. has a 52 week low of $87.12 and a 52 week high of $186.42. The business’s 50 day moving average price is $169.37 and its 200 day moving average price is $156.58. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a market cap of $812.21 billion, a P/E ratio of 151.09, a P/E/G ratio of 1.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the prior year, the firm earned $0.95 EPS. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, sell-side analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.22%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

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.