Broadcom Inc. (NASDAQ:AVGO) is Fifth Third Bancorp’s 9th Largest Position

Fifth Third Bancorp increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.5% in the 1st quarter, Holdings Channel reports. The fund owned 2,952,055 shares of the semiconductor manufacturer’s stock after buying an additional 13,995 shares during the quarter. Broadcom comprises about 1.9% of Fifth Third Bancorp’s holdings, making the stock its 9th largest position. Fifth Third Bancorp’s holdings in Broadcom were worth $494,263,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Simon Quick Advisors LLC boosted its position in Broadcom by 25.1% during the first quarter. Simon Quick Advisors LLC now owns 32,958 shares of the semiconductor manufacturer’s stock valued at $5,518,000 after buying an additional 6,620 shares during the period. Axecap Investments LLC boosted its position in Broadcom by 16.2% during the first quarter. Axecap Investments LLC now owns 28,668 shares of the semiconductor manufacturer’s stock valued at $4,800,000 after buying an additional 4,005 shares during the period. Capital Advisors Ltd. LLC boosted its position in Broadcom by 3.5% during the first quarter. Capital Advisors Ltd. LLC now owns 7,105 shares of the semiconductor manufacturer’s stock valued at $1,190,000 after buying an additional 239 shares during the period. Echo45 Advisors LLC boosted its position in Broadcom by 19.7% during the first quarter. Echo45 Advisors LLC now owns 3,201 shares of the semiconductor manufacturer’s stock valued at $536,000 after buying an additional 526 shares during the period. Finally, Noble Wealth Management PBC boosted its position in Broadcom by 9.7% during the first quarter. Noble Wealth Management PBC now owns 845 shares of the semiconductor manufacturer’s stock valued at $141,000 after buying an additional 75 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares of the company’s stock, valued at $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 720,576 shares of company stock valued at $131,249,694. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $252.91 on Thursday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The company has a market cap of $1.19 trillion, a P/E ratio of 206.29, a PEG ratio of 2.29 and a beta of 1.11. The firm has a 50-day moving average of $209.12 and a 200 day moving average of $207.94. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the firm earned $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has approved a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is 88.39%.

Analyst Ratings Changes

Several research firms have issued reports on AVGO. Bank of America upped their price target on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 6th. UBS Group increased their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a “buy” rating in a report on Friday, June 6th. Benchmark increased their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Finally, JPMorgan Chase & Co. increased their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $272.71.

Broadcom 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.