SouthState Bank Corp Has $77.06 Million Stake in Broadcom Inc. $AVGO

Key Points

• SouthState Bank Corp trimmed its Broadcom stake by 4.3% in the fourth quarter, but still held 222,645 shares valued at about $77.06 million, making Broadcom its third-largest holding.
• Broadcom has been drawing continued bullish analyst attention, with several firms raising price targets and the consensus rating sitting at Moderate Buy with a target of about $490.13.
• The company reported better-than-expected quarterly results, including EPS of $2.44 and revenue of $22.19 billion, but the stock fell as investors weighed its premium valuation and broader semiconductor sector weakness.

SouthState Bank Corp cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 222,645 shares of the semiconductor manufacturer's stock after selling 10,054 shares during the period. Broadcom accounts for approximately 3.4% of SouthState Bank Corp's investment portfolio, making the stock its 3rd largest holding. SouthState Bank Corp's holdings in Broadcom were worth $77,057,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of AVGO. Brighton Jones LLC raised its holdings in shares of Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC grew its holdings in Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after buying an additional 756 shares in the last quarter. United Bank increased its position in Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock valued at $392,000 after acquiring an additional 1,014 shares during the period. Sivia Capital Partners LLC increased its position in Broadcom by 10.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock valued at $3,499,000 after acquiring an additional 1,160 shares during the period. Finally, Capital & Planning LLC raised its stake in Broadcom by 10.5% during the 2nd quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock valued at $1,098,000 after acquiring an additional 378 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the subject of a number of analyst reports. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Friday, June 5th. Susquehanna restated a "positive" rating and set a $490.00 price objective (up from $450.00) on shares of Broadcom in a research note on Thursday, May 28th. Jefferies Financial Group set a $550.00 price objective on shares of Broadcom and gave the stock a "buy" rating in a report on Thursday, June 4th. Benchmark increased their target price on shares of Broadcom from $485.00 to $545.00 and gave the company a "buy" rating in a research report on Thursday, June 4th. Finally, Truist Financial raised their target price on shares of Broadcom from $545.00 to $550.00 and gave the company a "buy" rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus price target of $490.13.

Broadcom Stock Down 5.1%

AVGO opened at $372.10 on Thursday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. The company has a market capitalization of $1.76 trillion, a PE ratio of 62.02, a P/E/G ratio of 0.71 and a beta of 1.41. The stock's fifty day moving average is $401.36 and its 200-day moving average is $362.87. Broadcom Inc. has a one year low of $243.80 and a one year high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.04. The business had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The company's quarterly revenue was up 47.9% on a year-over-year basis. During the same quarter last year, the business posted $1.58 earnings per share. On average, equities analysts predict that Broadcom Inc. will post 9.97 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd will be given a dividend of $0.65 per share. The ex-dividend date is Monday, June 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom's dividend payout ratio (DPR) is 43.33%.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Several analysts and commentators argue the pullback is overdone, pointing to Broadcom’s strong fundamentals: revenue growth of about 48%, AI semiconductor revenue up 143%, and more than $30 billion in AI bookings. Bullish pieces say the stock looks attractive on cash flow and long-term AI demand. Article Title
• Positive Sentiment: Broadcom also gained support from a major AI infrastructure tie-up with Apollo Global Management and Blackstone, which are backing a $35 billion capacity expansion for Anthropic using Broadcom’s custom chips and networking gear. That reinforces the company’s role in the AI buildout. Article Title
• Neutral Sentiment: Some analysts remain constructive on the stock over the long term, citing expected EPS growth of more than 50% over the next five years and multiple recent upgrades/price-target increases. Article Title
• Neutral Sentiment: Other coverage highlights a “buy the dip” case after the post-earnings reset, with investors watching whether AI demand and margins stay strong enough to justify the premium valuation. Article Title
• Negative Sentiment: The main headwind is that Broadcom’s stock has been hit by a broader chip rotation/correction, with semiconductor names sold off as investors take profits from the AI trade. Broadcom has been singled out as one of the biggest laggards in that move. Article Title
• Negative Sentiment: Investors are also worried that Broadcom’s premium valuation leaves little room for error after its strong quarter, especially as guidance for AI revenue was viewed as less aggressive than hoped. Article Title
• Negative Sentiment: New commentary from Broadcom’s CEO that the company will focus only on chips, not a broader AI platform strategy, appears to have unnerved some AI-focused investors and added to the selloff. Article Title

Insider Buying and Selling at Broadcom

In related news, insider S. Ram Velaga sold 38,841 shares of the business's stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total value of $12,491,265.60. Following the sale, the insider directly owned 96,147 shares in the company, valued at $30,920,875.20. The trade was a 28.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 39,116 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 74,626 shares of the company's stock, valued at approximately $24,000,467.86. This represents a 34.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 324,282 shares of company stock worth $106,425,249. 1.90% of the stock is currently owned by company insiders.

About Broadcom

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.