Fifth Third Bancorp Has $953.01 Million Stock Holdings in Broadcom Inc. $AVGO

Key Points

• Fifth Third Bancorp trimmed its Broadcom stake by 4.3% in the fourth quarter, but still held 2.75 million shares worth about $953 million. Broadcom remained its 6th-largest position and accounted for 3.0% of the fund’s holdings.
• Wall Street remains broadly positive on Broadcom, with a consensus rating of “Moderate Buy” and an average price target of $435.30. Analysts cited upbeat ratings and target increases from firms including Mizuho, Wells Fargo, Rosenblatt, and Truist.
• Broadcom’s latest results were strong, with quarterly EPS and revenue both beating estimates and revenue rising 29.5% year over year. However, the stock is facing pressure from reports that OpenAI’s planned $18 billion custom chip deal hit a financing snag, raising questions around a key AI growth driver.

Fifth Third Bancorp decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,753,562 shares of the semiconductor manufacturer's stock after selling 125,092 shares during the period. Broadcom accounts for 3.0% of Fifth Third Bancorp's holdings, making the stock its 6th biggest position. Fifth Third Bancorp owned 0.06% of Broadcom worth $953,008,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of AVGO. Miller Global Investments LLC purchased a new position in Broadcom during the 4th quarter worth $31,000. JCIC Asset Management Inc. acquired a new position in Broadcom during the 3rd quarter valued at about $31,000. Nvest Wealth Strategies Inc. purchased a new stake in Broadcom in the fourth quarter valued at about $33,000. Family CFO Inc purchased a new stake in Broadcom in the fourth quarter valued at about $35,000. Finally, Manning & Napier Advisors LLC acquired a new stake in Broadcom in the third quarter worth about $34,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research analyst reports. Mizuho restated an "outperform" rating and set a $480.00 price target on shares of Broadcom in a research note on Thursday, April 16th. Wells Fargo & Company upgraded shares of Broadcom from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $410.00 to $430.00 in a research note on Thursday, January 15th. DA Davidson raised shares of Broadcom to a "hold" rating in a research report on Friday, February 13th. Rosenblatt Securities restated a "buy" rating and set a $500.00 price target on shares of Broadcom in a research note on Tuesday, April 7th. Finally, Truist Financial raised their price target on shares of Broadcom from $510.00 to $545.00 and gave the stock a "buy" rating in a report on Thursday, March 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $435.30.

Insider Buying and Selling at Broadcom

In related news, insider Charlie B. Kawwas sold 39,116 shares of the business's stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $321.61, for a total transaction of $12,580,096.76. Following the completion of the transaction, the insider directly owned 74,626 shares in the company, valued at $24,000,467.86. The trade was a 34.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kirsten M. Spears sold 36,292 shares of the company's stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $11,671,507.20. Following the completion of the sale, the chief financial officer directly owned 327,760 shares in the company, valued at approximately $105,407,616. The trade was a 9.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 324,282 shares of company stock worth $106,425,249. 1.90% of the stock is currently owned by company insiders.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Negative Sentiment: Broadcom shares are under pressure after reports said OpenAI’s planned $18 billion custom chip deal with the company hit a financing roadblock, creating uncertainty around a key AI revenue driver. Broadcom shares slump as OpenAI’s $18B custom chip deal hits financing snag
• Negative Sentiment: Another report framed the OpenAI issue as a major setback for Broadcom’s custom AI chip ambitions, adding concern that one of its flagship customer relationships may not be as immediately monetizable as investors hoped. Broadcom's OpenAI mega AI deal hits $18 billion wall
• Neutral Sentiment: Broadcom also announced VMware by Broadcom VCF 9.1, a product update aimed at accelerating production AI workloads in private clouds, which supports the company’s long-term enterprise AI strategy. Broadcom (AVGO) Launches VCF 9.1 to Accelerate Production AI in Private Clouds
• Neutral Sentiment: Several commentary pieces remained constructive on Broadcom’s position in the AI infrastructure stack, noting that recent hyperscaler results still support demand for chips and networking tied to AI buildouts. Big Tech earnings support Broadcom’s outlook
• Neutral Sentiment: Broadcom was also mentioned in a public-sector VMware partnership update, which could help broaden enterprise distribution but is not likely the main driver of the stock today. evoila U.S. and Carahsoft Partner to Deliver VMware by Broadcom Services to the Public Sector

Broadcom Trading Up 4.2%

Broadcom stock opened at $430.00 on Friday. The stock has a 50-day moving average price of $352.89 and a 200 day moving average price of $351.28. The company has a market capitalization of $2.04 trillion, a price-to-earnings ratio of 83.98, a price-to-earnings-growth ratio of 0.85 and a beta of 1.43. Broadcom Inc. has a 52 week low of $206.52 and a 52 week high of $437.68. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The company had revenue of $19.31 billion for the quarter, compared to the consensus estimate of $19.10 billion. During the same quarter in the prior year, the company earned $1.60 EPS. Broadcom's quarterly revenue was up 29.5% on a year-over-year basis. Sell-side analysts anticipate that Broadcom Inc. will post 9.95 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd were paid a $0.65 dividend. The ex-dividend date was Monday, March 23rd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. Broadcom's dividend payout ratio is presently 50.78%.

Broadcom Company Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.