Renasant Bank Boosts Stock Position in Broadcom Inc. $AVGO

Key Points

• Renasant Bank boosted its Broadcom stake by 29.6% in the first quarter, ending with 7,096 shares valued at about $2.2 million.
• Broadcom continues to attract heavy institutional interest, with 76.43% of shares held by institutions and several other funds recently increasing their positions.
• The company reported solid recent results, beating earnings and revenue expectations, while analysts remain generally bullish even as some warn that valuation concerns may limit upside after the rally.

Renasant Bank increased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 29.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,096 shares of the semiconductor manufacturer's stock after purchasing an additional 1,619 shares during the quarter. Broadcom comprises about 1.6% of Renasant Bank's holdings, making the stock its 19th largest position. Renasant Bank's holdings in Broadcom were worth $2,196,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Brown Brothers Harriman & Co. increased its holdings in shares of Broadcom by 10.7% in the third quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer's stock worth $25,539,000 after purchasing an additional 7,499 shares during the period. Sovran Advisors LLC grew its position in Broadcom by 121.3% during the fourth quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer's stock worth $10,507,000 after buying an additional 16,789 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its stake in Broadcom by 406.1% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer's stock worth $4,151,000 after acquiring an additional 9,624 shares during the last quarter. Aspiriant LLC increased its stake in Broadcom by 18.5% in the 4th quarter. Aspiriant LLC now owns 12,016 shares of the semiconductor manufacturer's stock worth $4,158,000 after acquiring an additional 1,872 shares during the last quarter. Finally, World Investment Advisors raised its holdings in shares of Broadcom by 16.1% in the 4th quarter. World Investment Advisors now owns 177,710 shares of the semiconductor manufacturer's stock valued at $61,505,000 after acquiring an additional 24,703 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Broadcom

In related news, Director Gayla J. Delly sold 1,890 shares of Broadcom stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total value of $728,368.20. Following the transaction, the director owned 31,326 shares in the company, valued at $12,072,413.88. This trade represents a 5.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harry L. You purchased 1,000 shares of the stock in a transaction on Thursday, June 11th. The stock was acquired at an average cost of $373.57 per share, with a total value of $373,570.00. Following the completion of the purchase, the director directly owned 38,466 shares of the company's stock, valued at $14,369,743.62. The trade was a 2.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have sold 36,644 shares of company stock valued at $13,982,964. Insiders own 1.90% of the company's stock.

Broadcom Price Performance

Shares of Broadcom stock traded down $1.14 during trading on Friday, hitting $399.97. 14,579,242 shares of the stock traded hands, compared to its average volume of 26,802,910. The stock has a market cap of $1.90 trillion, a price-to-earnings ratio of 66.66, a PEG ratio of 0.70 and a beta of 1.45. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a 52 week low of $269.58 and a 52 week high of $495.00. The firm's fifty day moving average is $405.29 and its 200-day moving average is $364.13.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.04. The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.Broadcom's quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.58 EPS. Research analysts expect that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, June 22nd. Broadcom's payout ratio is presently 43.33%.

Broadcom News Summary

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s expanded Apple agreement, valued at more than $30 billion through 2031, strengthens visibility for revenue and highlights demand beyond AI chips. Why Broadcom Stock Rose Today
• Positive Sentiment: Analysts remain upbeat on Broadcom’s AI business, with Jefferies reiterating a Buy rating and a $550 price target as AI chip momentum improves. Broadcom’s (AVGO) AI Chip Momentum Keeps Wall Street Bullish
• Positive Sentiment: Broadcom is being viewed as a broader AI infrastructure winner because its networking products help connect large-scale AI systems, expanding the investment thesis beyond GPUs and custom chips. Broadcom stock's latest catalyst targets Nvidia where it looks strongest
• Neutral Sentiment: Some coverage notes Broadcom’s near-$2 trillion market value and strong AI revenue growth, but also suggests much of the good news may already be reflected in the stock. Broadcom Is Less Than 5% From the $2 Trillion Club -- and Apple Just Committed $30 Billion for More Chips
• Negative Sentiment: Erste Group downgraded Broadcom to Hold, citing valuation concerns, which may be limiting upside after the recent rally. Erste Group downgrades Broadcom to Hold citing valuation concerns

Analyst Upgrades and Downgrades

Several research analysts have recently commented on AVGO shares. Citigroup reissued a "buy" rating on shares of Broadcom in a report on Thursday, June 4th. Susquehanna reaffirmed a "positive" rating and issued a $490.00 target price (up from $450.00) on shares of Broadcom in a research note on Thursday, May 28th. Truist Financial lifted their target price on shares of Broadcom from $545.00 to $550.00 and gave the company a "buy" rating in a research report on Thursday, June 4th. Zacks Research cut shares of Broadcom from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 21st. Finally, Royal Bank Of Canada raised their price objective on shares of Broadcom from $360.00 to $400.00 and gave the company a "sector perform" rating in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $493.24.

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.

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