140,121 Broadcom Inc. $AVGO Shares Sold by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp sold 140,121 Broadcom shares—a 3.8% reduction—in the third quarter, but still held 3.58 million shares worth about $1.26 billion. Broadcom remains the bank’s eighth-largest portfolio holding.
• Broadcom’s latest reported quarterly results topped expectations: adjusted EPS was $3.32 versus $3.22 forecast, while revenue of $29.59 billion rose 85.5% year over year.
• Analyst sentiment was broadly positive, with a “Moderate Buy” consensus and an average price target of $525.19; shares traded at $347.01 in Friday’s mid-day session.

Fifth Third Bancorp lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,582,351 shares of the semiconductor manufacturer's stock after selling 140,121 shares during the quarter. Broadcom accounts for approximately 2.0% of Fifth Third Bancorp's portfolio, making the stock its 8th largest position. Fifth Third Bancorp owned about 0.08% of Broadcom worth $1,258,086,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Core Capital Management & Research inc. bought a new stake in Broadcom during the second quarter worth $31,000. DecisionPoint Financial LLC boosted its holdings in Broadcom by 101.9% during the 3rd quarter. DecisionPoint Financial LLC now owns 105 shares of the semiconductor manufacturer's stock worth $36,000 after acquiring an additional 53 shares during the last quarter. Harborfront Financial Group LLC purchased a new position in Broadcom during the 2nd quarter worth $38,000. Align Financial LLC boosted its holdings in Broadcom by 67.2% during the 3rd quarter. Align Financial LLC now owns 112 shares of the semiconductor manufacturer's stock worth $38,000 after acquiring an additional 45 shares during the last quarter. Finally, Curry Webb Wealth Management LLC bought a new stake in shares of Broadcom in the 3rd quarter worth $41,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

AVGO stock traded down $17.35 during mid-day trading on Friday, hitting $347.01. The company had a trading volume of 31,579,948 shares, compared to its average volume of 26,761,208. Broadcom Inc. has a 12 month low of $289.77 and a 12 month high of $495.00. The stock's fifty day moving average price is $345.39 and its two-hundred day moving average price is $366.55. The firm has a market cap of $1.66 trillion, a PE ratio of 44.32 and a beta of 1.49. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.29 and a current ratio of 2.50.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, beating the consensus estimate of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business had revenue of $29.59 billion for the quarter, compared to the consensus estimate of $29.24 billion. During the same quarter in the prior year, the business earned $1.69 earnings per share. Broadcom's revenue for the quarter was up 85.5% on a year-over-year basis. On average, analysts forecast that Broadcom Inc. will post 10.20 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were paid a $0.65 dividend. The ex-dividend date was Monday, September 21st. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom's payout ratio is presently 33.21%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on AVGO shares. Cantor Fitzgerald increased their target price on shares of Broadcom from $525.00 to $600.00 and gave the company an "overweight" rating in a report on Thursday, September 3rd. Truist Financial cut their price target on shares of Broadcom from $550.00 to $520.00 and set a "buy" rating on the stock in a report on Thursday, September 3rd. Raymond James Financial restated an "outperform" rating and set a $475.00 price target (up from $450.00) on shares of Broadcom in a report on Thursday, September 3rd. William Blair downgraded shares of Broadcom from an "outperform" rating to a "market perform" rating in a research report on Tuesday, October 27th. Finally, Sanford C. Bernstein reiterated a "buy" rating on shares of Broadcom in a research note on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $525.19.

Latest Broadcom News

These are some of the AVGO news items that stood out recently:

• Positive Sentiment: Broadcom could benefit as cloud providers diversify beyond NVIDIA and invest in custom AI chips. The company designs custom ASICs for hyperscalers, and Anthropic’s disclosed spending commitments have been cited as support for Broadcom’s growth outlook. Anthropic’s S-1 strengthens the case for Broadcom’s AI growth
• Positive Sentiment: Despite Rothschild & Co Redburn’s downgrade, the articles note that Wall Street’s average price target remains around $533, above the firm’s new $398 target. This suggests some analysts still see substantial upside. Is Rothschild & Co Redburn Wrong to Give Up on Broadcom?
• Neutral Sentiment: Broadcom had recently rallied as investors considered whether NVIDIA’s leadership turmoil could redirect demand to rival chipmakers. NVIDIA’s rebound on Friday, however, prompted some investors to reassess that rotation. AMD, Broadcom stocks fall as Nvidia rebounds

Broadcom Company Profile

Broadcom Inc. is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics. Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.

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