Pinnacle Financial Partners Inc Sells 458 Shares of Broadcom Inc. (NASDAQ:AVGO)

Pinnacle Financial Partners Inc reduced its stake in Broadcom Inc. (NASDAQ:AVGOFree Report) by 25.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,363 shares of the semiconductor manufacturer’s stock after selling 458 shares during the period. Pinnacle Financial Partners Inc’s holdings in Broadcom were worth $1,132,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Insight Advisors LLC PA boosted its holdings in Broadcom by 1.0% during the 2nd quarter. Insight Advisors LLC PA now owns 1,467 shares of the semiconductor manufacturer’s stock valued at $1,273,000 after acquiring an additional 14 shares during the period. NorthRock Partners LLC grew its stake in Broadcom by 10.9% during the 2nd quarter. NorthRock Partners LLC now owns 1,531 shares of the semiconductor manufacturer’s stock valued at $1,328,000 after purchasing an additional 151 shares during the last quarter. Beacon Bridge Wealth Partners LLC boosted its stake in shares of Broadcom by 1,655.9% in the second quarter. Beacon Bridge Wealth Partners LLC now owns 8,481 shares of the semiconductor manufacturer’s stock worth $7,354,000 after buying an additional 7,998 shares during the last quarter. Morningstar Investment Services LLC boosted its stake in shares of Broadcom by 50.1% in the second quarter. Morningstar Investment Services LLC now owns 755 shares of the semiconductor manufacturer’s stock worth $649,000 after buying an additional 252 shares during the last quarter. Finally, RMR Wealth Builders raised its holdings in Broadcom by 6.5% in the 3rd quarter. RMR Wealth Builders now owns 6,362 shares of the semiconductor manufacturer’s stock worth $5,284,000 after purchasing an additional 388 shares during the period. 78.81% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $1,089.69, for a total transaction of $21,793,800.00. Following the transaction, the chief executive officer now owns 229,796 shares of the company’s stock, valued at $250,406,403.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Kirsten M. Spears sold 2,500 shares of the business’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the sale, the chief financial officer now directly owns 26,880 shares in the company, valued at approximately $28,039,603.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $1,089.69, for a total value of $21,793,800.00. Following the sale, the chief executive officer now directly owns 229,796 shares in the company, valued at approximately $250,406,403.24. The disclosure for this sale can be found here. Insiders sold 45,443 shares of company stock worth $50,151,532 over the last ninety days. 2.20% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on AVGO. Rosenblatt Securities reissued a “buy” rating and set a $1,000.00 target price on shares of Broadcom in a report on Monday, December 4th. Truist Financial raised their price target on Broadcom from $995.00 to $1,015.00 and gave the stock a “buy” rating in a research report on Friday, December 8th. KeyCorp increased their price objective on Broadcom from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Friday, November 24th. Citigroup restated a “buy” rating and issued a $1,100.00 price target on shares of Broadcom in a research note on Monday, December 11th. Finally, Evercore ISI lifted their target price on Broadcom from $1,000.00 to $1,050.00 in a research report on Thursday, October 5th. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $981.45.

Read Our Latest Report on Broadcom

Broadcom Trading Down 2.0 %

NASDAQ:AVGO traded down $25.12 on Friday, hitting $1,204.88. 2,580,885 shares of the stock were exchanged, compared to its average volume of 2,851,221. The stock has a market capitalization of $564.05 billion, a price-to-earnings ratio of 37.34, a P/E/G ratio of 2.29 and a beta of 1.23. Broadcom Inc. has a 52 week low of $572.10 and a 52 week high of $1,284.55. The company has a debt-to-equity ratio of 1.57, a quick ratio of 2.56 and a current ratio of 2.82. The company’s 50-day moving average price is $1,065.73 and its 200 day moving average price is $938.98.

Broadcom (NASDAQ:AVGOGet Free Report) last released its quarterly earnings results on Thursday, December 7th. The semiconductor manufacturer reported $11.06 earnings per share for the quarter, topping analysts’ consensus estimates of $10.96 by $0.10. Broadcom had a return on equity of 73.43% and a net margin of 39.31%. The firm had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $9.28 billion. During the same quarter in the prior year, the firm posted $9.75 EPS. The business’s revenue was up 4.1% on a year-over-year basis. On average, equities research analysts forecast that Broadcom Inc. will post 43.05 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Wednesday, December 20th were paid a $5.25 dividend. The ex-dividend date of this dividend was Tuesday, December 19th. This is a positive change from Broadcom’s previous quarterly dividend of $4.60. This represents a $21.00 annualized dividend and a yield of 1.74%. Broadcom’s dividend payout ratio (DPR) is 63.75%.

About Broadcom

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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