First Citizens Bank & Trust Co. Has $48.77 Million Position in Broadcom Inc. $AVGO

First Citizens Bank & Trust Co. grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 147,839 shares of the semiconductor manufacturer’s stock after buying an additional 6,852 shares during the period. Broadcom accounts for about 0.9% of First Citizens Bank & Trust Co.’s holdings, making the stock its 16th biggest holding. First Citizens Bank & Trust Co.’s holdings in Broadcom were worth $48,774,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in AVGO. JCIC Asset Management Inc. bought a new stake in Broadcom during the third quarter valued at $31,000. Longfellow Investment Management Co. LLC bought a new position in shares of Broadcom in the 2nd quarter worth about $27,000. Teachers Insurance & Annuity Association of America acquired a new position in shares of Broadcom in the 2nd quarter valued at about $28,000. Manning & Napier Advisors LLC bought a new stake in shares of Broadcom during the 3rd quarter valued at about $34,000. Finally, LGT Financial Advisors LLC acquired a new stake in Broadcom during the second quarter worth approximately $31,000. 76.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Kirsten M. Spears sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the transaction, the chief financial officer directly owned 277,237 shares of the company’s stock, valued at $96,428,573.34. This trade represents a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 1,928 shares of the business’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total transaction of $631,998.40. Following the transaction, the insider owned 23,582 shares in the company, valued at approximately $7,730,179.60. This trade represents a 7.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 779,901 shares of company stock worth $284,069,237 in the last three months. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their price target on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. Barclays reiterated an “overweight” rating and set a $500.00 target price (up previously from $450.00) on shares of Broadcom in a research report on Friday, December 12th. Wells Fargo & Company upgraded shares of Broadcom from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $410.00 to $430.00 in a report on Thursday, January 15th. Robert W. Baird set a $420.00 price target on shares of Broadcom in a research note on Friday, December 12th. Finally, Morgan Stanley increased their price objective on shares of Broadcom from $443.00 to $462.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Broadcom has a consensus rating of “Buy” and an average price target of $437.28.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $331.30 on Friday. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61. The stock has a market cap of $1.57 trillion, a price-to-earnings ratio of 69.60, a PEG ratio of 1.10 and a beta of 1.21. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. The firm’s 50-day simple moving average is $355.76 and its 200 day simple moving average is $337.24.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company’s quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.42 EPS. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 22nd were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.8%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, December 22nd. Broadcom’s dividend payout ratio is currently 54.62%.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.