Truist Financial Corp Sells 11,327 Shares of Broadcom Inc. (NASDAQ:AVGO)

Truist Financial Corp reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 279,994 shares of the semiconductor manufacturer’s stock after selling 11,327 shares during the quarter. Truist Financial Corp’s holdings in Broadcom were worth $449,539,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Swedbank AB bought a new position in Broadcom in the 1st quarter valued at approximately $2,835,737,000. Vanguard Group Inc. lifted its holdings in Broadcom by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after buying an additional 1,303,462 shares during the period. Jennison Associates LLC grew its position in shares of Broadcom by 43.9% in the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after buying an additional 1,263,957 shares during the last quarter. Capital International Investors increased its stake in shares of Broadcom by 4.5% in the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after buying an additional 1,006,223 shares during the period. Finally, GQG Partners LLC raised its position in shares of Broadcom by 48.9% during the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock worth $3,966,730,000 after acquiring an additional 983,328 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on AVGO shares. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Piper Sandler increased their price objective on shares of Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. Wells Fargo & Company increased their price target on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a report on Thursday, June 13th. Jefferies Financial Group boosted their price objective on Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, Melius initiated coverage on Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price for the company. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $189.23.

Broadcom Price Performance

Broadcom stock opened at $172.50 on Tuesday. The stock has a market cap of $802.97 billion, a P/E ratio of 7.42, a P/E/G ratio of 2.78 and a beta of 1.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company’s 50 day moving average price is $158.23 and its two-hundred day moving average price is $148.55. Broadcom Inc. has a 52 week low of $80.89 and a 52 week high of $185.16.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.95 earnings per share. On average, equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.23%. Broadcom’s dividend payout ratio is presently 9.12%.

Insider Transactions at Broadcom

In related news, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 233,452 shares of company stock worth $51,278,838. 2.00% of the stock is owned by company insiders.

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.