Citizens Financial Group Inc. RI Grows Stake in Broadcom Inc. (NASDAQ:AVGO)

Citizens Financial Group Inc. RI increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 44.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,865 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,188 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Broadcom were worth $4,315,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BetterWealth LLC increased its stake in shares of Broadcom by 1.5% in the 4th quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock valued at $672,000 after purchasing an additional 9 shares in the last quarter. Rise Advisors LLC increased its stake in Broadcom by 33.3% during the 4th quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock worth $44,000 after buying an additional 10 shares in the last quarter. CX Institutional increased its stake in Broadcom by 0.8% during the 4th quarter. CX Institutional now owns 1,289 shares of the semiconductor manufacturer’s stock worth $1,439,000 after buying an additional 10 shares in the last quarter. Cascade Investment Group Inc. grew its position in shares of Broadcom by 1.7% in the fourth quarter. Cascade Investment Group Inc. now owns 609 shares of the semiconductor manufacturer’s stock valued at $680,000 after purchasing an additional 10 shares in the last quarter. Finally, Sabal Trust CO grew its position in shares of Broadcom by 1.6% in the fourth quarter. Sabal Trust CO now owns 640 shares of the semiconductor manufacturer’s stock valued at $714,000 after purchasing an additional 10 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Evercore ISI assumed coverage on Broadcom in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $1,620.00 price target for the company. The Goldman Sachs Group restated a “buy” rating and issued a $1,325.00 price target on shares of Broadcom in a research report on Friday, January 19th. UBS Group upped their price target on Broadcom to $1,480.00 and gave the company a “buy” rating in a research report on Monday, February 26th. TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Finally, Susquehanna upped their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a report on Wednesday, February 28th. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

Broadcom Trading Up 3.8 %

NASDAQ:AVGO traded up $49.65 during trading hours on Friday, reaching $1,344.07. 2,409,983 shares of the stock were exchanged, compared to its average volume of 2,322,994. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. The business has a 50-day moving average of $1,306.70 and a two-hundred day moving average of $1,134.07. Broadcom Inc. has a twelve month low of $601.29 and a twelve month high of $1,438.17. The company has a market capitalization of $622.87 billion, a price-to-earnings ratio of 49.82, a PEG ratio of 2.63 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. During the same period in the prior year, the firm earned $9.83 earnings per share. The firm’s revenue was up 34.2% compared to the same quarter last year. On average, equities analysts predict that Broadcom Inc. will post 35.96 EPS for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were given a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s dividend payout ratio is currently 77.84%.

Insider Transactions at Broadcom

In other news, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 5,000 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the transaction, the insider now directly owns 16,575 shares in the company, valued at approximately $22,276,800. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is currently owned by company insiders.

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.