Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,912,147 shares of the semiconductor manufacturer's stock after selling 3,176 shares during the quarter. Broadcom comprises 0.8% of Truist Financial Corp's portfolio, making the stock its 22nd biggest holding. Truist Financial Corp owned about 0.06% of Broadcom worth $487,581,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom during the 1st quarter valued at $25,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the 4th quarter valued at $26,000. Inlight Wealth Management LLC purchased a new position in Broadcom during the 1st quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom during the 4th quarter valued at $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in Broadcom during the 4th quarter valued at $30,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Down 0.4%

Shares of AVGO traded down $1.00 during trading hours on Monday, hitting $274.18. The company had a trading volume of 16,743,337 shares, compared to its average volume of 28,527,862. The company has a market capitalization of $1.29 trillion, a PE ratio of 102.69, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71. The company's fifty day moving average price is $240.40 and its two-hundred day moving average price is $217.54.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the company posted $10.96 EPS. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AVGO. Mizuho boosted their price objective on Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a report on Thursday. Bank of America lifted their target price on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, June 6th. JPMorgan Chase & Co. lifted their target price on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Cowen reaffirmed a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $282.71.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock worth $221,433,761 over the last ninety days. Corporate insiders own 2.00% of the company's stock.

Broadcom 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.