First Citizens Bank & Trust Co. Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

First Citizens Bank & Trust Co. cut its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,283 shares of the semiconductor manufacturer's stock after selling 29,368 shares during the period. Broadcom comprises approximately 0.4% of First Citizens Bank & Trust Co.'s portfolio, making the stock its 28th biggest holding. First Citizens Bank & Trust Co.'s holdings in Broadcom were worth $22,650,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Norges Bank bought a new position in shares of Broadcom in the fourth quarter worth $16,893,010,000. GAMMA Investing LLC boosted its stake in Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. GQG Partners LLC boosted its position in shares of Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after acquiring an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent research reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday. Wells Fargo & Company increased their target price on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday. Benchmark lifted their target price on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Finally, Susquehanna lifted their price objective on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday. Two analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $272.71.

Broadcom Trading Up 0.1%

Shares of NASDAQ:AVGO traded up $0.35 during midday trading on Tuesday, reaching $244.63. The company's stock had a trading volume of 25,457,534 shares, compared to its average volume of 31,006,245. The business has a 50 day moving average price of $205.17 and a 200 day moving average price of $207.37. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market cap of $1.15 trillion, a price-to-earnings ratio of 199.54, a price-to-earnings-growth 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 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the firm posted $10.96 earnings per share. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. Research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its board has authorized a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board believes its stock is undervalued.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred 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 sale, the director now directly owns 26,182 shares of the company's stock, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock worth $131,249,694 over the last 90 days. Insiders own 2.00% of the company's stock.

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.