Broadcom Inc. (NASDAQ:AVGO) Holdings Boosted by RNC Capital Management LLC

RNC Capital Management LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 624.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 289,970 shares of the semiconductor manufacturer’s stock after buying an additional 249,965 shares during the period. Broadcom comprises 3.6% of RNC Capital Management LLC’s portfolio, making the stock its 3rd largest holding. RNC Capital Management LLC’s holdings in Broadcom were worth $67,227,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AVGO. Castleview Partners LLC lifted its position in Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 134 shares in the last quarter. Pin Oak Investment Advisors Inc. increased its position in Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 135 shares in the last quarter. JDM Financial Group LLC raised its stake in shares of Broadcom by 1,323.1% in the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 172 shares during the period. Retirement Wealth Solutions LLC purchased a new position in shares of Broadcom during the 4th quarter valued at about $37,000. Finally, Tsfg LLC grew its stake in shares of Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after acquiring an additional 204 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Evercore ISI raised their price objective on shares of Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Citigroup raised their price target on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Susquehanna upped their price objective on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. lifted their target price on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Piper Sandler boosted their price target on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $225.04.

Insiders Place Their Bets

In other Broadcom news, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the sale, the director now directly owns 30,450 shares in the company, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 45,000 shares of the business’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the sale, the chief executive officer now directly owns 842,836 shares in the company, valued at approximately $202,246,926.56. This represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is owned by insiders.

Broadcom Trading Down 2.8 %

AVGO opened at $224.87 on Monday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88. The business’s 50-day simple moving average is $219.76 and its 200-day simple moving average is $184.32. The company has a market cap of $1.05 trillion, a P/E ratio of 183.42, a PEG ratio of 2.42 and a beta of 1.02.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same period in the prior year, the firm earned $0.98 EPS. The business’s revenue was up 51.2% on a year-over-year basis. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 1.05%. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is 192.50%.

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.