Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.5% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 2,952,055 shares of the semiconductor manufacturer’s stock after purchasing an additional 13,995 shares during the period. Broadcom makes up approximately 1.9% of Fifth Third Bancorp’s portfolio, making the stock its 9th biggest holding. Fifth Third Bancorp owned about 0.06% of Broadcom worth $494,263,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock valued at $120,070,000 after purchasing an additional 18,845 shares during the last quarter. Nebula Research & Development LLC boosted its stake in Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock valued at $3,642,000 after purchasing an additional 14,399 shares during the last quarter. Kovack Advisors Inc. boosted its stake in Broadcom by 8.1% during the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock valued at $7,971,000 after purchasing an additional 2,570 shares during the last quarter. SOA Wealth Advisors LLC. boosted its stake in Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer’s stock valued at $245,000 after purchasing an additional 355 shares during the last quarter. Finally, Coppell Advisory Solutions LLC boosted its stake in Broadcom by 1,512.3% during the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock valued at $21,660,000 after purchasing an additional 86,884 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on AVGO shares. Bank of America boosted their target price on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Truist Financial set a $295.00 target price on Broadcom and gave the stock a “buy” rating in a research note on Friday, June 6th. Morgan Stanley boosted their target price on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday, June 7th. Finally, KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Two analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $272.71.

Broadcom Trading Up 3.4%

Shares of AVGO stock opened at $252.91 on Thursday. The company’s fifty day simple moving average is $209.12 and its two-hundred day simple moving average is $207.94. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The stock has a market capitalization of $1.19 trillion, a price-to-earnings ratio of 206.29, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the previous year, the firm posted $10.96 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.93%. Broadcom’s payout ratio is 88.39%.

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.