Broadcom Inc. (NASDAQ:AVGO) Holdings Boosted by SouthState Corp

SouthState Corp raised its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 767.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 241,219 shares of the semiconductor manufacturer's stock after buying an additional 213,399 shares during the quarter. Broadcom accounts for 2.9% of SouthState Corp's investment portfolio, making the stock its 4th largest holding. SouthState Corp's holdings in Broadcom were worth $41,610,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vance Wealth Inc. bought a new stake in Broadcom in the 3rd quarter valued at about $236,000. Summit Wealth Group LLC grew its holdings in shares of Broadcom by 900.0% during the third quarter. Summit Wealth Group LLC now owns 1,840 shares of the semiconductor manufacturer's stock valued at $317,000 after buying an additional 1,656 shares during the last quarter. First City Capital Management Inc. acquired a new position in Broadcom during the 3rd quarter valued at about $229,000. W.G. Shaheen & Associates DBA Whitney & Co raised its stake in shares of Broadcom by 909.1% in the third quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 109,462 shares of the semiconductor manufacturer's stock worth $18,882,000 after purchasing an additional 98,614 shares during the last quarter. Finally, Princeton Capital Management LLC boosted its holdings in Broadcom by 1,389.8% during the 3rd quarter. Princeton Capital Management LLC now owns 25,371 shares of the semiconductor manufacturer's stock worth $4,376,000 after acquiring an additional 23,668 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares of the company's stock, valued at $126,754,425.60. The trade was a 3.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 in the last quarter. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently commented on AVGO shares. Truist Financial lifted their price target on Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Rosenblatt Securities lowered their target price on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a report on Friday, September 6th. Mizuho lifted their target price on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a report on Monday, October 14th. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a research note on Friday, September 6th. Finally, Morgan Stanley raised their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Broadcom has an average rating of "Moderate Buy" and an average price target of $192.79.

Broadcom Price Performance

Shares of NASDAQ AVGO traded down $1.38 during mid-day trading on Friday, hitting $162.56. 2,394,678 shares of the company's stock traded hands, compared to its average volume of 29,229,432. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company's 50-day moving average is $173.77 and its two-hundred day moving average is $160.37. The company has a market capitalization of $759.25 billion, a P/E ratio of 142.39, a PEG ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company's revenue for the quarter was up 47.3% on a year-over-year basis. During the same period last year, the company earned $0.95 EPS. On average, equities analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.30%. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is presently 184.19%.

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.