Broadcom Inc. (NASDAQ:AVGO) Stock Position Cut by RNC Capital Management LLC

RNC Capital Management LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 23.4% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 54,485 shares of the semiconductor manufacturer’s stock after selling 16,661 shares during the period. Broadcom makes up approximately 3.6% of RNC Capital Management LLC’s investment portfolio, making the stock its 3rd largest holding. RNC Capital Management LLC’s holdings in Broadcom were worth $60,819,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Broadcom by 6.2% during the second quarter. BlackRock Inc. now owns 31,681,688 shares of the semiconductor manufacturer’s stock worth $27,481,646,000 after purchasing an additional 1,836,795 shares during the period. State Street Corp lifted its holdings in Broadcom by 1.9% in the second quarter. State Street Corp now owns 16,941,449 shares of the semiconductor manufacturer’s stock valued at $14,695,521,000 after acquiring an additional 309,326 shares during the period. Morgan Stanley lifted its holdings in Broadcom by 12.5% in the fourth quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock valued at $3,287,056,000 after acquiring an additional 651,014 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Broadcom by 11.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock valued at $2,948,563,000 after acquiring an additional 488,405 shares during the period. Finally, Northern Trust Corp lifted its holdings in Broadcom by 2.1% in the third quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock valued at $3,866,684,000 after acquiring an additional 93,615 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of Broadcom stock opened at $1,318.73 on Thursday. The business has a 50-day moving average of $1,267.55 and a 200 day moving average of $1,061.46. Broadcom Inc. has a 12 month low of $601.29 and a 12 month high of $1,438.17. The stock has a market capitalization of $611.13 billion, a price-to-earnings ratio of 48.88, a price-to-earnings-growth ratio of 2.85 and a beta of 1.26. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $11.79 billion. During the same period last year, the business posted $9.83 EPS. Broadcom’s revenue for the quarter was up 34.2% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom Inc. will post 36.8 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Thursday, March 21st will be paid a $5.25 dividend. This represents a $21.00 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend is Wednesday, March 20th. Broadcom’s payout ratio is presently 77.84%.

Insider Activity

In other news, CFO Kirsten M. Spears sold 2,500 shares of the firm’s stock in a transaction dated 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 owns 26,880 shares of the company’s stock, valued at approximately $28,039,603.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Broadcom news, CFO Kirsten M. Spears sold 2,500 shares of Broadcom stock in a transaction that occurred 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 transaction, the chief financial officer now owns 26,880 shares of the company’s stock, valued at $28,039,603.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction that occurred 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. In the last quarter, insiders sold 19,810 shares of company stock worth $26,107,692. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. UBS Group boosted their price target on Broadcom to $1,480.00 and gave the company a “buy” rating in a report on Monday, February 26th. Barclays initiated coverage on Broadcom in a research report on Wednesday, March 20th. They issued an “overweight” rating and a $1,405.00 price objective for the company. Mizuho increased their price objective on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Susquehanna increased their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research note on Wednesday, February 28th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $1,325.00 price objective on shares of Broadcom in a research note on Friday, January 19th. Three research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $1,230.18.

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.