RNC Capital Management LLC Has $25 Million Stock Holdings in Broadcom Inc. $AVGO

Key Points

• RNC Capital Management LLC significantly reduced its holdings in Broadcom Inc. by 48.5%, now owning 149,319 shares valued at over $25 million after selling 140,651 shares in the 1st quarter.
• Analysts have a positive outlook on Broadcom, with multiple upgrades and a consensus price target of $351.00, highlighting the stock's strong buy ratings.
• Broadcom declared a quarterly dividend of $0.59 per share to be paid on September 30th, with a current dividend yield of 0.7% and a payout ratio of 60.20%.

RNC Capital Management LLC cut its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 48.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 149,319 shares of the semiconductor manufacturer's stock after selling 140,651 shares during the period. RNC Capital Management LLC's holdings in Broadcom were worth $25,001,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter worth about $25,000. Cheviot Value Management LLC bought a new stake in shares of Broadcom during the 1st quarter worth about $25,000. Inlight Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the 4th quarter worth about $30,000. Institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Truist Financial boosted their price objective on shares of Broadcom from $295.00 to $365.00 and gave the company a "buy" rating in a report on Friday. The Goldman Sachs Group reissued a "buy" rating and issued a $340.00 price objective on shares of Broadcom in a report on Wednesday, August 13th. Cowen reissued a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Finally, Barclays boosted their price objective on shares of Broadcom from $265.00 to $400.00 and gave the company an "overweight" rating in a report on Friday. Three analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $351.00.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $307.46, for a total transaction of $245,968.00. Following the sale, the director directly owned 23,782 shares of the company's stock, valued at approximately $7,312,013.72. This trade represents a 3.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock worth $217,286,457 in the last 90 days. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of Broadcom stock opened at $334.89 on Monday. The company has a 50 day moving average of $292.09 and a 200-day moving average of $237.38. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $356.34. The company has a current ratio of 1.50, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86. The company has a market cap of $1.58 trillion, a PE ratio of 85.43, a price-to-earnings-growth ratio of 2.38 and a beta of 1.16.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share for the quarter, topping analysts' consensus estimates of $1.66 by $0.03. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. The company had revenue of $15.95 billion during the quarter, compared to the consensus estimate of $15.82 billion. During the same quarter in the prior year, the firm posted $1.24 EPS. The firm's quarterly revenue was up 22.0% on a year-over-year basis. Broadcom has set its Q4 2025 guidance at EPS. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 22nd will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, September 22nd. Broadcom's dividend payout ratio is 60.20%.

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.

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