Broadcom Inc. (NASDAQ:AVGO) is SouthState Corp’s 3rd Largest Position

SouthState Corp reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 234,824 shares of the semiconductor manufacturer’s stock after selling 6,395 shares during the period. Broadcom comprises 3.6% of SouthState Corp’s portfolio, making the stock its 3rd biggest holding. SouthState Corp’s holdings in Broadcom were worth $54,442,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of AVGO. Swedbank AB increased its stake in Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after buying an additional 16,453,718 shares in the last quarter. Howard Capital Management Group LLC increased its stake in Broadcom by 2,219.8% during the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after buying an additional 2,908 shares in the last quarter. Pettinga Financial Advisors LLC increased its stake in Broadcom by 896.9% during the 3rd quarter. Pettinga Financial Advisors LLC now owns 2,911 shares of the semiconductor manufacturer’s stock worth $502,000 after buying an additional 2,619 shares in the last quarter. Impax Asset Management Group plc increased its stake in Broadcom by 884.6% during the 3rd quarter. Impax Asset Management Group plc now owns 119,529 shares of the semiconductor manufacturer’s stock worth $20,619,000 after buying an additional 107,389 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Broadcom by 1,019.4% during the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock worth $1,238,966,000 after purchasing an additional 6,540,800 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AVGO has been the topic of several recent research reports. Mizuho lowered their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Bank of America boosted their target price on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft boosted their target price on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Robert W. Baird boosted their target price on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Morgan Stanley boosted their target price on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Stock Up 2.2 %

Broadcom stock opened at $195.54 on Monday. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The stock’s fifty day simple moving average is $218.12 and its 200-day simple moving average is $194.16. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $919.42 billion, a P/E ratio of 159.50, a P/E/G ratio of 2.29 and a beta of 1.01.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. The company’s revenue was up 51.2% on a year-over-year basis. As a group, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Insider Activity at Broadcom

In related news, Director Diane M. Bryant sold 15,000 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $226.68, for a total value of $3,400,200.00. Following the transaction, the director now owns 6,460 shares of the company’s stock, valued at $1,464,352.80. This represents a 69.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares in the company, valued at $7,308,000. This trade represents a 17.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock valued at $44,964,800 over the last quarter. 2.00% of the stock is owned by insiders.

Broadcom Company 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.