Pinnacle Financial Partners Inc Has $1.66 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Pinnacle Financial Partners Inc grew its position in Broadcom Inc. (NASDAQ:AVGOFree Report) by 9.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,490 shares of the semiconductor manufacturer’s stock after purchasing an additional 127 shares during the period. Pinnacle Financial Partners Inc’s holdings in Broadcom were worth $1,663,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Morningstar Investment Services LLC increased its holdings in Broadcom by 50.1% in the second quarter. Morningstar Investment Services LLC now owns 755 shares of the semiconductor manufacturer’s stock worth $649,000 after buying an additional 252 shares during the last quarter. RMR Wealth Builders grew its position in Broadcom by 6.5% in the third quarter. RMR Wealth Builders now owns 6,362 shares of the semiconductor manufacturer’s stock worth $5,284,000 after acquiring an additional 388 shares in the last quarter. Czech National Bank grew its position in Broadcom by 46.1% in the third quarter. Czech National Bank now owns 72,129 shares of the semiconductor manufacturer’s stock worth $59,909,000 after acquiring an additional 22,774 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Broadcom during the 2nd quarter worth $4,684,000. Finally, Aspen Grove Capital LLC raised its holdings in shares of Broadcom by 3.5% during the 2nd quarter. Aspen Grove Capital LLC now owns 1,486 shares of the semiconductor manufacturer’s stock valued at $1,289,000 after purchasing an additional 50 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

NASDAQ:AVGO opened at $1,338.76 on Wednesday. The firm’s 50-day moving average is $1,280.36 and its 200-day moving average is $1,074.79. The company has a market cap of $620.41 billion, a price-to-earnings ratio of 49.62, a PEG ratio of 2.79 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17.

Broadcom (NASDAQ:AVGOGet Free Report) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. During the same period in the previous year, the company posted $9.83 earnings per share. The company’s quarterly revenue was up 34.2% compared to the same quarter last year. Equities research analysts anticipate that Broadcom Inc. will post 36.8 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were given a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.57%. Broadcom’s dividend payout ratio (DPR) is currently 77.84%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $1,700.00 price objective on shares of Broadcom in a report on Thursday, March 21st. UBS Group increased their price objective on Broadcom to $1,480.00 and gave the company a “buy” rating in a report on Monday, February 26th. Truist Financial raised their price objective on Broadcom from $995.00 to $1,015.00 and gave the company a “buy” rating in a research note on Friday, December 8th. Cantor Fitzgerald upped their target price on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Finally, Susquehanna lifted their price target on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,230.18.

Get Our Latest Report on AVGO

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the completion of the transaction, the insider now owns 46,974 shares in the company, valued at approximately $61,957,296.78. The sale was disclosed in a filing with the SEC, which is available at this link. In other Broadcom news, insider Charlie B. Kawwas sold 5,000 shares of Broadcom stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the sale, the insider now directly owns 16,575 shares of the company’s stock, valued at $22,276,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the completion of the transaction, the insider now directly owns 46,974 shares of the company’s stock, valued at $61,957,296.78. The disclosure for this sale can be found here. Insiders have sold 22,310 shares of company stock worth $29,405,117 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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