RNC Capital Management LLC Has $49.88 Million Position in Broadcom Inc. (NASDAQ:AVGO)


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RNC Capital Management LLC decreased its position in Broadcom Inc. (NASDAQ:AVGO) by 2.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 113,913 shares of the semiconductor manufacturer’s stock after selling 2,392 shares during the quarter. Broadcom comprises approximately 3.1% of RNC Capital Management LLC’s investment portfolio, making the stock its 5th largest position. RNC Capital Management LLC’s holdings in Broadcom were worth $49,877,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AVGO. Nuveen Asset Management LLC increased its holdings in shares of Broadcom by 8.8% during the third quarter. Nuveen Asset Management LLC now owns 3,430,950 shares of the semiconductor manufacturer’s stock valued at $1,249,964,000 after acquiring an additional 278,003 shares in the last quarter. Morgan Stanley increased its holdings in shares of Broadcom by 9.1% during the third quarter. Morgan Stanley now owns 2,912,980 shares of the semiconductor manufacturer’s stock valued at $1,061,256,000 after acquiring an additional 242,922 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Broadcom by 3.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,884,467 shares of the semiconductor manufacturer’s stock worth $686,550,000 after buying an additional 62,990 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in Broadcom by 1.3% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 1,780,041 shares of the semiconductor manufacturer’s stock worth $648,505,000 after buying an additional 22,335 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its holdings in Broadcom by 36.5% in the 3rd quarter. Allianz Asset Management GmbH now owns 1,711,886 shares of the semiconductor manufacturer’s stock worth $623,675,000 after buying an additional 457,885 shares in the last quarter. Institutional investors and hedge funds own 80.62% of the company’s stock.

AVGO traded up $1.82 on Wednesday, hitting $451.21. 1,248,911 shares of the company’s stock traded hands, compared to its average volume of 1,645,452. The company’s 50 day simple moving average is $422.88 and its 200-day simple moving average is $366.51. The firm has a market cap of $183.51 billion, a price-to-earnings ratio of 71.73, a P/E/G ratio of 1.50 and a beta of 1.05. Broadcom Inc. has a one year low of $155.67 and a one year high of $454.76. The company has a current ratio of 1.87, a quick ratio of 1.71 and a debt-to-equity ratio of 1.69.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, December 9th. The semiconductor manufacturer reported $6.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.25 by $0.10. The company had revenue of $6.47 billion for the quarter, compared to the consensus estimate of $6.43 billion. Broadcom had a return on equity of 35.23% and a net margin of 12.39%. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the company earned $5.39 EPS. As a group, equities analysts anticipate that Broadcom Inc. will post 23.07 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 31st. Investors of record on Monday, December 21st were paid a dividend of $3.60 per share. This represents a $14.40 annualized dividend and a yield of 3.19%. The ex-dividend date was Friday, December 18th. This is an increase from Broadcom’s previous quarterly dividend of $3.25. Broadcom’s dividend payout ratio (DPR) is 78.05%.

In other Broadcom news, CEO Hock E. Tan sold 78,125 shares of Broadcom stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $361.33, for a total value of $28,228,906.25. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Eddy W. Hartenstein sold 530 shares of Broadcom stock in a transaction that occurred on Tuesday, December 15th. The stock was sold at an average price of $415.46, for a total value of $220,193.80. The disclosure for this sale can be found here. Insiders have sold a total of 332,928 shares of company stock worth $134,075,933 in the last three months. 3.00% of the stock is owned by corporate insiders.

Several research firms recently commented on AVGO. Piper Sandler lifted their price objective on Broadcom from $380.00 to $400.00 and gave the stock an “overweight” rating in a report on Thursday, September 24th. Oppenheimer reiterated a “buy” rating and issued a $475.00 price objective on shares of Broadcom in a report on Friday, December 11th. Zacks Investment Research upgraded Broadcom from a “hold” rating to a “buy” rating and set a $439.00 price objective for the company in a report on Wednesday, December 16th. Morgan Stanley lifted their price objective on Broadcom from $415.00 to $440.00 and gave the stock an “overweight” rating in a report on Monday, December 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Broadcom from $450.00 to $475.00 and gave the stock a “buy” rating in a report on Friday, December 11th. Six equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $418.57.

Broadcom Profile

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 three segments: Semiconductor Solutions, Infrastructure Software, and Intellectual Property licensing.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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