First Citizens Bank & Trust Co. Raises Stock Holdings in Broadcom Inc. $AVGO

First Citizens Bank & Trust Co. increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 147,839 shares of the semiconductor manufacturer’s stock after acquiring an additional 6,852 shares during the quarter. Broadcom makes up about 0.9% of First Citizens Bank & Trust Co.’s holdings, making the stock its 16th largest position. First Citizens Bank & Trust Co.’s holdings in Broadcom were worth $48,774,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares during the last quarter. State Street Corp grew its holdings in Broadcom by 0.5% during the second quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock valued at $51,071,601,000 after purchasing an additional 873,963 shares during the period. Geode Capital Management LLC increased its position in Broadcom by 2.1% in the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after buying an additional 2,226,585 shares during the last quarter. Norges Bank purchased a new stake in Broadcom in the second quarter worth $18,579,549,000. Finally, Invesco Ltd. raised its stake in shares of Broadcom by 8.4% in the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock valued at $10,598,641,000 after buying an additional 2,978,768 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $347.12, for a total value of $10,413,600.00. Following the completion of the transaction, the insider directly owned 210,573 shares in the company, valued at approximately $73,094,099.76. This represents a 12.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 1,928 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total value of $631,998.40. Following the completion of the sale, the insider owned 23,582 shares of the company’s stock, valued at $7,730,179.60. The trade was a 7.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 779,901 shares of company stock worth $284,069,237 in the last three months. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent research reports. Piper Sandler reissued an “overweight” rating and issued a $430.00 price objective (up previously from $375.00) on shares of Broadcom in a report on Friday, December 12th. Bank of America increased their target price on shares of Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Sanford C. Bernstein reissued an “outperform” rating and issued a $475.00 price target (up previously from $400.00) on shares of Broadcom in a research report on Friday, December 12th. Robert W. Baird set a $420.00 price target on shares of Broadcom in a research note on Friday, December 12th. Finally, Raymond James Financial set a $420.00 price objective on shares of Broadcom and gave the company an “outperform” rating in a research note on Thursday, November 20th. Two analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $437.28.

Broadcom Stock Performance

NASDAQ:AVGO opened at $331.30 on Friday. The business’s 50-day moving average price is $355.76 and its two-hundred day moving average price is $337.24. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61. The stock has a market cap of $1.57 trillion, a P/E ratio of 69.60, a PEG ratio of 1.10 and a beta of 1.21. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The company had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. During the same period in the prior year, the business earned $1.42 earnings per share. Broadcom’s revenue for the quarter was up 28.2% compared to the same quarter last year. As a group, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were issued a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is presently 54.62%.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.