Fifth Third Bancorp Acquires 3,151 Shares of Broadcom Inc. (NASDAQ:AVGO)

Fifth Third Bancorp lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 296,970 shares of the semiconductor manufacturer's stock after buying an additional 3,151 shares during the quarter. Broadcom comprises about 1.5% of Fifth Third Bancorp's portfolio, making the stock its 9th largest holding. Fifth Third Bancorp owned approximately 0.06% of Broadcom worth $393,607,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in AVGO. Horizon Family Wealth Inc. lifted its holdings in Broadcom by 1.3% during the fourth quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer's stock valued at $715,000 after purchasing an additional 8 shares during the last quarter. Tucker Asset Management LLC grew its stake in Broadcom by 12.5% in the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer's stock worth $80,000 after buying an additional 8 shares in the last quarter. Buckley Wealth Management LLC increased its stake in Broadcom by 0.7% in the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer's stock valued at $1,529,000 after acquiring an additional 8 shares during the last quarter. Legend Financial Advisors Inc. raised its holdings in shares of Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 8 shares in the last quarter. Finally, BetterWealth LLC lifted its holdings in shares of Broadcom by 1.5% in the 4th quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer's stock worth $672,000 after acquiring an additional 9 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the transaction, the chief executive officer now owns 168,096 shares in the company, valued at $220,583,976. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Hock E. Tan sold 2,000 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the completion of the transaction, the chief executive officer now directly owns 168,096 shares of the company's stock, valued at approximately $220,583,976. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company's stock, valued at $62,465.85. The disclosure for this sale can be found here. Insiders sold 29,920 shares of company stock valued at $40,306,667 over the last 90 days. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Down 0.3 %

Shares of NASDAQ:AVGO traded down $4.29 during trading on Thursday, reaching $1,238.57. The company's stock had a trading volume of 2,946,818 shares, compared to its average volume of 2,910,255. Broadcom Inc. has a 12 month low of $601.29 and a 12 month high of $1,438.17. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The firm's 50 day simple moving average is $1,309.02 and its two-hundred day simple moving average is $1,145.17. The stock has a market capitalization of $573.98 billion, a PE ratio of 45.91, a price-to-earnings-growth ratio of 2.65 and a beta of 1.25.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping analysts' consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. During the same period in the prior year, the company posted $9.83 EPS. The firm's revenue for the quarter was up 34.2% on a year-over-year basis. On average, research analysts predict that Broadcom Inc. will post 35.96 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were issued a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a yield of 1.70%. The ex-dividend date was Wednesday, March 20th. Broadcom's payout ratio is 77.84%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. StockNews.com lowered shares of Broadcom from a "buy" rating to a "hold" rating in a report on Thursday, January 4th. Rosenblatt Securities restated a "buy" rating and set a $1,500.00 price target on shares of Broadcom in a report on Thursday, March 21st. Barclays increased their price objective on shares of Broadcom from $1,405.00 to $1,500.00 and gave the company an "overweight" rating in a research report on Wednesday, April 17th. Cantor Fitzgerald lifted their target price on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an "overweight" rating in a report on Monday, March 4th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $1,500.00 target price (up previously from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,285.41.

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.

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