Citizens Financial Group Inc. RI Has $28.55 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Citizens Financial Group Inc. RI increased its holdings in Broadcom by 47.1%, owning 170,524 shares valued at approximately $28.5 million as of the latest quarter.
• Several major institutional investors have significantly boosted their positions in Broadcom, with GAMMA Investing LLC increasing its holdings by an astonishing 18,179.3% during the same period.
• Analysts have raised price targets for Broadcom stock with a consensus rating of "Buy" and an average price target of $294.92.

Citizens Financial Group Inc. RI lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 47.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 170,524 shares of the semiconductor manufacturer's stock after acquiring an additional 54,563 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Broadcom were worth $28,551,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Revolve Wealth Partners LLC boosted its position in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares during the period. Bank Pictet & Cie Europe AG boosted its position in Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after purchasing an additional 31,225 shares during the period. Highview Capital Management LLC DE boosted its position in Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after purchasing an additional 322 shares during the period. Finally, Rollins Financial Advisors LLC boosted its position in Broadcom by 7.9% during the 4th quarter. Rollins Financial Advisors LLC now owns 5,158 shares of the semiconductor manufacturer's stock valued at $1,196,000 after purchasing an additional 378 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Rosenblatt Securities boosted their price target on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Bank of America boosted their price target on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Redburn Atlantic started coverage on Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $294.92.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares in the company, valued at $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock valued at $217,224,641 over the last ninety days. Company insiders own 2.00% of the company's stock.

Broadcom Trading Up 0.7%

Shares of Broadcom stock traded up $2.09 on Thursday, reaching $303.76. 16,280,889 shares of the company were exchanged, compared to its average volume of 17,130,764. The stock has a fifty day moving average price of $271.57 and a 200-day moving average price of $226.37. The firm has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 113.77, a price-to-earnings-growth ratio of 2.15 and a beta of 1.15. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $310.34.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $10.96 earnings per share. On average, analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom's payout ratio is 88.39%.

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.