First Citizens Bank & Trust Co. Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

First Citizens Bank & Trust Co. lowered its position in shares of Broadcom Inc. (NASDAQ:AVGOFree Report) by 63.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,636 shares of the semiconductor manufacturer’s stock after selling 4,518 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Broadcom were worth $2,942,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Pinnacle Financial Partners Inc increased its position in Broadcom by 9.3% in the fourth quarter. Pinnacle Financial Partners Inc now owns 1,490 shares of the semiconductor manufacturer’s stock worth $1,663,000 after purchasing an additional 127 shares during the last quarter. Financial Management Network Inc. purchased a new stake in Broadcom in the fourth quarter worth about $363,000. Ascent Wealth Partners LLC raised its holdings in Broadcom by 1.3% in the fourth quarter. Ascent Wealth Partners LLC now owns 2,956 shares of the semiconductor manufacturer’s stock worth $3,300,000 after purchasing an additional 38 shares in the last quarter. Essex Savings Bank lifted its position in Broadcom by 2.1% during the fourth quarter. Essex Savings Bank now owns 2,676 shares of the semiconductor manufacturer’s stock valued at $2,987,000 after acquiring an additional 56 shares during the last quarter. Finally, Zimmermann Investment Management & Planning LLC lifted its position in Broadcom by 13.8% during the fourth quarter. Zimmermann Investment Management & Planning LLC now owns 1,601 shares of the semiconductor manufacturer’s stock valued at $1,787,000 after acquiring an additional 194 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVGO. Benchmark reissued a “buy” rating and set a $1,720.00 target price on shares of Broadcom in a report on Thursday, March 21st. Barclays assumed coverage on shares of Broadcom in a research note on Wednesday, March 20th. They issued an “overweight” rating and a $1,405.00 price target on the stock. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $1,700.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Cantor Fitzgerald boosted their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a report on Monday, March 4th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $1,500.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Three analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,230.18.

Get Our Latest Research Report on AVGO

Broadcom Stock Performance

Shares of NASDAQ AVGO traded down $32.40 during midday trading on Tuesday, reaching $1,317.86. The company had a trading volume of 951,235 shares, compared to its average volume of 3,040,429. Broadcom Inc. has a 1 year low of $601.29 and a 1 year high of $1,438.17. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The business’s 50-day simple moving average is $1,280.36 and its 200 day simple moving average is $1,074.79. The stock has a market cap of $610.72 billion, a P/E ratio of 48.49, a P/E/G ratio of 2.79 and a beta of 1.25.

Broadcom (NASDAQ:AVGOGet Free Report) last released its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The business had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. During the same period in the previous year, the firm earned $9.83 EPS. The business’s revenue was up 34.2% on a year-over-year basis. On average, analysts forecast that Broadcom Inc. will post 36.8 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were issued a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.59%. Broadcom’s dividend payout ratio (DPR) is currently 77.84%.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the completion of the sale, the insider now owns 46,974 shares in the company, valued at $61,957,296.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the transaction, the insider now owns 46,974 shares in the company, valued at approximately $61,957,296.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the sale, the insider now directly owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The disclosure for this sale can be found here. Insiders have sold 22,310 shares of company stock valued at $29,405,117 in the last ninety days. Insiders own 2.00% of the company’s stock.

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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