SouthState Corp Acquires 1,389 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• SouthState Corp increased its holdings in Broadcom Inc. by 0.6%, acquiring an additional 1,389 shares, bringing its total ownership to 236,213 shares valued at approximately $39.5 million.
• Insider selling activity was notable, with CFO Kirsten M. Spears selling 56,310 shares for about $14.2 million, contributing to a total of 830,516 shares sold by insiders in the last quarter.
• Broadcom recently declared a quarterly dividend of $0.59 per share, resulting in an annualized dividend yield of 0.8% and a payout ratio of 88.39%.

SouthState Corp boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 236,213 shares of the semiconductor manufacturer's stock after buying an additional 1,389 shares during the quarter. Broadcom makes up 1.8% of SouthState Corp's investment portfolio, making the stock its 11th largest holding. SouthState Corp's holdings in Broadcom were worth $39,549,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the 4th quarter valued at $30,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom during the 1st quarter worth $25,000. Cheviot Value Management LLC bought a new position in shares of Broadcom during the 1st quarter worth $25,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Broadcom during the 1st quarter worth $26,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Up 2.9%

Broadcom stock traded up $8.93 during trading hours on Tuesday, hitting $312.83. The stock had a trading volume of 17,557,896 shares, compared to its average volume of 26,383,006. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $1.47 trillion, a P/E ratio of 117.16, a price-to-earnings-growth ratio of 2.17 and a beta of 1.15. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $313.44. The stock's 50-day moving average price is $273.98 and its 200-day moving average price is $227.04.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company earned $10.96 earnings per share. Equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on AVGO shares. Oppenheimer increased their price target on Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Evercore ISI reiterated an "outperform" rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. KeyCorp increased their price target on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Morgan Stanley set a $338.00 target price on Broadcom and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $294.92.

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.