Franklin Street Advisors Inc. NC Acquires 911 Shares of Broadcom Inc. (NASDAQ:AVGO)

Franklin Street Advisors Inc. NC raised its position in Broadcom Inc. (NASDAQ:AVGO) by 0.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 160,264 shares of the semiconductor manufacturer’s stock after acquiring an additional 911 shares during the quarter. Broadcom accounts for about 2.5% of Franklin Street Advisors Inc. NC’s investment portfolio, making the stock its 8th biggest position. Franklin Street Advisors Inc. NC’s holdings in Broadcom were worth $37,156,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. State Street Corp increased its stake in shares of Broadcom by 948.5% during the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after acquiring an additional 166,844,263 shares during the period. Geode Capital Management LLC increased its stake in shares of Broadcom by 976.6% during the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock valued at $17,055,760,000 after acquiring an additional 89,975,941 shares during the period. FMR LLC increased its stake in shares of Broadcom by 1,121.3% during the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after acquiring an additional 82,998,328 shares during the period. Jennison Associates LLC boosted its holdings in Broadcom by 842.4% during the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after buying an additional 32,178,542 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Broadcom by 975.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after buying an additional 30,674,902 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AVGO. UBS Group raised their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. TD Cowen raised their target price on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Truist Financial raised their target price on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Mizuho raised their target price on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $221.88.

Broadcom Price Performance

Shares of Broadcom stock traded down $6.68 during trading on Friday, hitting $222.63. 10,611,918 shares of the company’s stock traded hands, compared to its average volume of 24,183,963. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a market cap of $1.04 trillion, a PE ratio of 193.42, a PEG ratio of 2.15 and a beta of 1.03. The firm’s fifty day moving average price is $195.79 and its 200 day moving average price is $175.31. Broadcom Inc. has a twelve month low of $107.45 and a twelve month high of $251.88.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results 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. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.98 earnings per share. Analysts forecast that Broadcom Inc. will post 3.79 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is presently 191.87%.

Insider Activity

In related news, 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 transaction of $1,569,600.00. Following the completion of the transaction, the director now owns 30,450 shares in the company, valued at approximately $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Check Kian Low sold 48,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the transaction, the director now owns 113,050 shares of the company’s stock, valued at $26,606,317.50. The trade was a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 187,278 shares of company stock worth $44,046,240 over the last quarter. 2.00% of the stock is currently owned by company insiders.

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.