Truist Financial Corp Sells 11,327 Shares of Broadcom Inc. (NASDAQ:AVGO)

Truist Financial Corp reduced its position in Broadcom Inc. (NASDAQ:AVGO) by 3.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 279,994 shares of the semiconductor manufacturer’s stock after selling 11,327 shares during the quarter. Truist Financial Corp’s holdings in Broadcom were worth $449,539,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of AVGO. Lion Street Advisors LLC increased its stake in shares of Broadcom by 1.9% in the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after purchasing an additional 6 shares in the last quarter. Tucker Asset Management LLC raised its holdings in Broadcom by 12.5% during the fourth quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock valued at $80,000 after acquiring an additional 8 shares during the period. Buckley Wealth Management LLC lifted its position in shares of Broadcom by 0.7% in the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after acquiring an additional 8 shares in the last quarter. Legend Financial Advisors Inc. boosted its stake in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares during the period. Finally, Ascent Wealth Partners LLC boosted its stake in shares of Broadcom by 0.3% in the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock worth $3,929,000 after acquiring an additional 8 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AVGO has been the topic of several recent analyst reports. Melius began coverage on Broadcom in a research note on Monday, June 3rd. They set a “buy” rating and a $185.00 target price on the stock. Benchmark reiterated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Rosenblatt Securities dropped their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Bank of America reiterated a “buy” rating and issued a $215.00 price target (up from $200.00) on shares of Broadcom in a report on Monday, June 24th. Finally, Wells Fargo & Company boosted their price target on shares of Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $189.23.

Broadcom Price Performance

AVGO stock opened at $172.50 on Tuesday. The stock has a market cap of $802.97 billion, a PE ratio of 7.42, a P/E/G ratio of 2.78 and a beta of 1.16. Broadcom Inc. has a 12 month low of $80.89 and a 12 month high of $185.16. The company has a 50-day moving average price of $158.23 and a 200 day moving average price of $148.55. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the previous year, the business earned $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. Equities research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.23%. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Insider Activity

In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 233,452 shares of company stock valued at $51,278,838. Corporate insiders own 2.00% of the company’s stock.

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.