Broadcom Inc. (NASDAQ:AVGO) Shares Sold by RNC Capital Management LLC

RNC Capital Management LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 23.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 54,485 shares of the semiconductor manufacturer’s stock after selling 16,661 shares during the period. Broadcom makes up 3.6% of RNC Capital Management LLC’s holdings, making the stock its 3rd largest holding. RNC Capital Management LLC’s holdings in Broadcom were worth $60,819,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. BKM Wealth Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth $29,000. Bollard Group LLC acquired a new position in shares of Broadcom during the second quarter worth $26,000. Rise Advisors LLC lifted its holdings in shares of Broadcom by 76.5% during the third quarter. Rise Advisors LLC now owns 30 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 13 shares during the period. Macroview Investment Management LLC acquired a new position in shares of Broadcom during the third quarter worth $29,000. Finally, Indiana Trust & Investment Management CO acquired a new position in shares of Broadcom during the third quarter worth $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In related news, Director Kenneth Hao sold 9,160 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the transaction, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Kirsten M. Spears sold 2,500 shares of the firm’s stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the completion of the sale, the chief financial officer now directly owns 26,880 shares of the company’s stock, valued at approximately $28,039,603.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now directly owns 45 shares of the company’s stock, valued at $62,465.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,810 shares of company stock valued at $26,107,692. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $1,318.73 on Thursday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17. The firm’s fifty day moving average is $1,267.55 and its 200 day moving average is $1,061.46. The firm has a market cap of $611.13 billion, a P/E ratio of 48.88, a P/E/G ratio of 2.85 and a beta of 1.26.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating the consensus estimate of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. During the same quarter last year, the firm earned $9.83 EPS. The firm’s quarterly revenue was up 34.2% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 36.8 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be issued a dividend of $5.25 per share. 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 dividend payout ratio is currently 77.84%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on AVGO shares. Barclays started coverage on shares of Broadcom in a report on Wednesday, March 20th. They issued an “overweight” rating and a $1,405.00 target price on the stock. Truist Financial boosted their target price on shares of Broadcom from $995.00 to $1,015.00 and gave the stock a “buy” rating in a research report on Friday, December 8th. Oppenheimer reissued an “outperform” rating and set a $1,500.00 target price (up from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. Susquehanna increased their target price on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. Finally, Cantor Fitzgerald increased their target price on shares of Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research report on Monday, March 4th. Three investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.