Fifth Third Bancorp Has $494.26 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Fifth Third Bancorp raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,952,055 shares of the semiconductor manufacturer's stock after buying an additional 13,995 shares during the quarter. Broadcom comprises 1.9% of Fifth Third Bancorp's portfolio, making the stock its 9th largest holding. Fifth Third Bancorp owned approximately 0.06% of Broadcom worth $494,263,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently modified their holdings of AVGO. Canton Hathaway LLC bought a new stake in Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom in the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom in the 4th quarter worth approximately $32,000. Institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock worth $131,249,694 over the last three months. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of analyst reports. Evercore ISI reiterated an "outperform" rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Mizuho lifted their price objective on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a report on Friday, June 6th. Wells Fargo & Company increased their target price on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. Truist Financial set a $295.00 price target on Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Morgan Stanley increased their price objective on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $272.71.

Broadcom Stock Up 1.2%

NASDAQ:AVGO traded up $3.16 during trading hours on Thursday, reaching $256.07. 20,362,986 shares of the company traded hands, compared to its average volume of 30,820,128. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The business's 50-day moving average price is $209.12 and its two-hundred day moving average price is $207.94. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The stock has a market capitalization of $1.20 trillion, a P/E ratio of 208.87, a P/E/G ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $14.98 billion. During the same period in the previous year, the company earned $10.96 earnings per share. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. Analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has approved a stock buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.92%. Broadcom's payout ratio is 88.39%.

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.