SouthState Bank Corp Sells 5,516 Shares of Broadcom Inc. $AVGO

Key Points

• SouthState Bank Corp cut its Broadcom stake by 2.5% in the first quarter, selling 5,516 shares and leaving it with 217,129 shares valued at about $67.2 million. Broadcom remains its third-largest holding, making up roughly 3.1% of the portfolio.
• Broadcom reported strong quarterly results, with earnings per share of $2.44 beating estimates and revenue of $22.19 billion topping expectations. Revenue jumped 47.9% year over year, reinforcing investor interest in the company’s AI and infrastructure business.
• Despite positive fundamentals, the stock faces valuation and regulatory pressure, including skepticism that its AI-driven run has made shares expensive and reports of an EU antitrust review related to VMware licensing changes. Analysts still largely remain upbeat, with Broadcom carrying a Moderate Buy rating and an average price target of $493.24.

SouthState Bank Corp trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 217,129 shares of the semiconductor manufacturer's stock after selling 5,516 shares during the period. Broadcom makes up about 3.1% of SouthState Bank Corp's holdings, making the stock its 3rd largest holding. SouthState Bank Corp's holdings in Broadcom were worth $67,204,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. ROSS JOHNSON & Associates LLC grew its holdings in shares of Broadcom by 1,320.0% during the 4th quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer's stock worth $25,000 after purchasing an additional 66 shares during the period. SWAN Capital LLC lifted its position in Broadcom by 261.9% in the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer's stock valued at $26,000 after buying an additional 55 shares during the last quarter. Networth Advisors LLC lifted its position in Broadcom by 546.2% in the first quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer's stock valued at $26,000 after buying an additional 71 shares during the last quarter. Miller Global Investments LLC purchased a new position in Broadcom during the fourth quarter worth about $31,000. Finally, Nvest Wealth Strategies Inc. purchased a new position in Broadcom during the fourth quarter worth about $33,000. Institutional investors and hedge funds own 76.43% of the company's stock.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Standard Chartered chose Broadcom to support a long-term modernization of its global banking infrastructure, underscoring Broadcom’s role in secure private-cloud and enterprise networking solutions. Standard Chartered Selects Broadcom to Deliver Secure, Always-On Banking Services at Global Scale
• Positive Sentiment: Wall Street commentary continues to describe Broadcom as a core AI beneficiary, and some analysts have raised price targets even after the stock pullback. As Shares Fall, Analyst Are Boosting Their Broadcom Price Targets
• Neutral Sentiment: Broadcom remains a major talking point in AI-focused market coverage, with some investors viewing it as an indicator for the broader market and semiconductor cycle. Jim Cramer Says Broadcom Will Tell You When the Market Is About to Turn
• Negative Sentiment: Broadcom is facing renewed skepticism around valuation, with one report asking whether the AI story has made the stock too expensive. Has Broadcom Become Too Expensive for Its AI Story?
• Negative Sentiment: The stock is also being hit by a broader selloff in semiconductor names as investors rotate away from AI-capex winners and worry about a slowdown in chip spending. Marvell Drops 8% as AI Capex Slowdown Fears Weigh on Chips; Broadcom, AMD, and Intel Slide
• Negative Sentiment: Broadcom is also dealing with regulatory uncertainty after reports said it faces an EU antitrust review tied to VMware licensing changes. Broadcom (AVGO) Faces EU Antitrust Review Over VMware Licensing Changes

Broadcom Trading Down 1.0%

NASDAQ AVGO opened at $370.83 on Friday. The firm has a 50 day simple moving average of $401.29 and a 200-day simple moving average of $365.31. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. Broadcom Inc. has a one year low of $273.00 and a one year high of $495.00. The firm has a market cap of $1.76 trillion, a price-to-earnings ratio of 61.81, a PEG ratio of 0.65 and a beta of 1.45.

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, topping the consensus estimate of $2.40 by $0.04. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The firm's revenue for the quarter was up 47.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.58 EPS. Equities research analysts anticipate that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $401.33, for a total value of $10,033,250.00. Following the sale, the insider directly owned 194,989 shares in the company, valued at approximately $78,254,935.37. This trade represents a 11.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justine Page sold 1,602 shares of Broadcom stock in a transaction on Monday, June 29th. The shares were sold at an average price of $373.86, for a total value of $598,923.72. Following the completion of the transaction, the director owned 17,426 shares of the company's stock, valued at approximately $6,514,884.36. This trade represents a 8.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 61,644 shares of company stock worth $24,016,214 over the last ninety days. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on AVGO shares. The Goldman Sachs Group reissued a "buy" rating and issued a $525.00 price target on shares of Broadcom in a research note on Thursday, June 4th. Benchmark increased their price objective on shares of Broadcom from $485.00 to $545.00 and gave the stock a "buy" rating in a research report on Thursday, June 4th. Citigroup reiterated a "buy" rating on shares of Broadcom in a report on Thursday, June 4th. KeyCorp reissued an "overweight" rating and issued a $575.00 target price (up from $500.00) on shares of Broadcom in a research report on Thursday, June 4th. Finally, Erste Group Bank restated a "hold" rating on shares of Broadcom in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and an average price target 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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