Fifth Third Bancorp reduced its holdings in Broadcom Inc (NASDAQ:AVGO) by 14.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 325,431 shares of the semiconductor manufacturer’s stock after selling 54,257 shares during the quarter. Fifth Third Bancorp owned about 0.08% of Broadcom worth $80,294,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of AVGO. Marcus Capital LLC acquired a new stake in Broadcom in the second quarter valued at approximately $364,000. Wesbanco Bank Inc. acquired a new stake in Broadcom in the second quarter valued at approximately $19,879,000. Cambridge Investment Research Advisors Inc. grew its stake in Broadcom by 134.4% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 19,591 shares of the semiconductor manufacturer’s stock valued at $4,834,000 after acquiring an additional 11,234 shares during the period. KBC Group NV acquired a new stake in Broadcom in the second quarter valued at approximately $10,500,000. Finally, Oakwood Capital Management LLC CA acquired a new stake in Broadcom in the second quarter valued at approximately $3,347,000. Institutional investors and hedge funds own 85.22% of the company’s stock.
Shares of NASDAQ:AVGO opened at $227.24 on Friday. The company has a market cap of $95.94 billion, a P/E ratio of 15.89, a P/E/G ratio of 1.00 and a beta of 1.03. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98. Broadcom Inc has a 12-month low of $197.46 and a 12-month high of $275.70.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 6th. The semiconductor manufacturer reported $5.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $5.58 by $0.27. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The business had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same quarter in the previous year, the firm earned $4.59 earnings per share. The business’s revenue was up 12.4% on a year-over-year basis. As a group, research analysts predict that Broadcom Inc will post 18.09 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Wednesday, December 19th will be given a $2.65 dividend. This represents a $10.60 annualized dividend and a yield of 4.66%. This is a boost from Broadcom’s previous quarterly dividend of $1.75. Broadcom’s payout ratio is currently 48.95%.
In other Broadcom news, insider Kirsten M. Spears sold 1,194 shares of the business’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total value of $294,344.88. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Monday, October 15th. The stock was sold at an average price of $231.03, for a total value of $4,620,600.00. The disclosure for this sale can be found here. In the last three months, insiders sold 61,194 shares of company stock worth $14,266,145. Insiders own 3.30% of the company’s stock.
A number of equities research analysts have commented on the company. BidaskClub cut Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Zacks Investment Research raised Broadcom from a “sell” rating to a “hold” rating in a research note on Wednesday. Morgan Stanley reissued an “equal weight” rating and issued a $260.00 price objective on shares of Broadcom in a research note on Wednesday, November 28th. B. Riley raised Broadcom from a “neutral” rating to a “buy” rating and raised their price objective for the company from $250.00 to $300.00 in a research note on Monday. Finally, BMO Capital Markets reissued a “hold” rating and issued a $230.00 price objective on shares of Broadcom in a research note on Friday, September 7th. Nine analysts have rated the stock with a hold rating and thirty have given a buy rating to the company. Broadcom presently has an average rating of “Buy” and an average price target of $286.16.
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Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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