Truist Financial Corp Sells 3,176 Shares of Broadcom Inc. (NASDAQ:AVGO)

Truist Financial Corp lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,912,147 shares of the semiconductor manufacturer's stock after selling 3,176 shares during the quarter. Broadcom comprises approximately 0.8% of Truist Financial Corp's investment portfolio, making the stock its 22nd largest holding. Truist Financial Corp owned about 0.06% of Broadcom worth $487,581,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AVGO. Norges Bank acquired a new position in shares of Broadcom during the fourth quarter valued at about $16,893,010,000. GAMMA Investing LLC increased its holdings in shares of Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares in the last quarter. GQG Partners LLC increased its holdings in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after acquiring an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the sale, the chief executive officer directly owned 1,014,152 shares in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock worth $221,433,761 over the last three months. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Morgan Stanley increased their price target on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Rosenblatt Securities raised their price target on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Citigroup raised their price target on shares of Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of "Buy" and an average price target of $281.46.

Broadcom Price Performance

Shares of Broadcom stock traded up $4.97 during midday trading on Friday, hitting $274.87. 10,592,655 shares of the company were exchanged, compared to its average volume of 28,575,138. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a market cap of $1.29 trillion, a P/E ratio of 102.95, a PEG ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $277.71. The firm has a 50 day simple moving average of $238.77 and a 200-day simple moving average of $217.17.

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

Broadcom announced that its Board of Directors has initiated a share repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

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

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.