Truist Financial Corp Trims Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Truist Financial Corp cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 303,451 shares of the semiconductor manufacturer’s stock after selling 33,088 shares during the quarter. Truist Financial Corp’s holdings in Broadcom were worth $338,727,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in AVGO. BetterWealth LLC lifted its holdings in shares of Broadcom by 1.5% during the fourth quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock valued at $672,000 after purchasing an additional 9 shares during the last quarter. Rise Advisors LLC lifted its stake in Broadcom by 33.3% during the fourth quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock valued at $44,000 after buying an additional 10 shares in the last quarter. CX Institutional lifted its stake in Broadcom by 0.8% during the fourth quarter. CX Institutional now owns 1,289 shares of the semiconductor manufacturer’s stock valued at $1,439,000 after buying an additional 10 shares in the last quarter. Cascade Investment Group Inc. boosted its holdings in shares of Broadcom by 1.7% in the fourth quarter. Cascade Investment Group Inc. now owns 609 shares of the semiconductor manufacturer’s stock worth $680,000 after buying an additional 10 shares during the period. Finally, Sabal Trust CO increased its position in shares of Broadcom by 1.6% in the fourth quarter. Sabal Trust CO now owns 640 shares of the semiconductor manufacturer’s stock worth $714,000 after acquiring an additional 10 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the completion of the sale, the insider now directly owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the sale, the insider now owns 41,974 shares in the company, valued at $55,257,092.04. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 2,000 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the transaction, the chief executive officer now directly owns 168,096 shares in the company, valued at approximately $220,583,976. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Up 3.8 %

Shares of AVGO traded up $49.65 during mid-day trading on Friday, hitting $1,344.07. 2,409,427 shares of the company’s stock were exchanged, compared to its average volume of 2,935,572. The stock has a market cap of $622.87 billion, a price-to-earnings ratio of 49.82, a P/E/G ratio of 2.56 and a beta of 1.25. The firm has a fifty day moving average of $1,306.70 and a two-hundred day moving average of $1,134.07. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a twelve month low of $601.29 and a twelve month high of $1,438.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same period in the prior year, the company posted $9.83 earnings per share. Broadcom’s revenue for the quarter was up 34.2% on a year-over-year basis. On average, sell-side analysts forecast that Broadcom Inc. will post 35.96 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Wednesday, March 20th. Broadcom’s payout ratio is 77.84%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Cantor Fitzgerald upped their price target 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. Oppenheimer reaffirmed an “outperform” rating and issued a $1,500.00 target price (up previously from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. UBS Group upped their price target on Broadcom to $1,480.00 and gave the company a “buy” rating in a research report on Monday, February 26th. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, Mizuho lifted their target price on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

About Broadcom

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.