Broadcom Inc. $AVGO Holdings Lessened by Renaissance Investment Group LLC

Renaissance Investment Group LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 66,276 shares of the semiconductor manufacturer’s stock after selling 1,897 shares during the quarter. Broadcom accounts for approximately 4.8% of Renaissance Investment Group LLC’s investment portfolio, making the stock its 3rd largest holding. Renaissance Investment Group LLC’s holdings in Broadcom were worth $23,275,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Parcion Private Wealth LLC increased its stake in shares of Broadcom by 1.7% in the third quarter. Parcion Private Wealth LLC now owns 57,818 shares of the semiconductor manufacturer’s stock worth $20,305,000 after acquiring an additional 986 shares during the period. Birinyi Associates Inc. lifted its position in Broadcom by 2.3% during the third quarter. Birinyi Associates Inc. now owns 22,001 shares of the semiconductor manufacturer’s stock valued at $7,726,000 after purchasing an additional 494 shares during the period. Partners Wealth Management LLC lifted its position in Broadcom by 759.0% during the third quarter. Partners Wealth Management LLC now owns 10,007 shares of the semiconductor manufacturer’s stock valued at $3,514,000 after purchasing an additional 8,842 shares during the period. Soltis Investment Advisors LLC lifted its position in Broadcom by 41.6% during the third quarter. Soltis Investment Advisors LLC now owns 51,647 shares of the semiconductor manufacturer’s stock valued at $18,138,000 after purchasing an additional 15,177 shares during the period. Finally, Everett Harris & Co. CA lifted its position in Broadcom by 1.4% during the third quarter. Everett Harris & Co. CA now owns 3,874 shares of the semiconductor manufacturer’s stock valued at $1,361,000 after purchasing an additional 52 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 1.2%

AVGO stock opened at $322.23 on Tuesday. Broadcom Inc. has a 52-week low of $289.96 and a 52-week high of $495.00. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. The firm has a market cap of $1.54 trillion, a P/E ratio of 41.15 and a beta of 1.46. The company’s 50-day simple moving average is $351.88 and its 200-day simple moving average is $366.79.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, beating the consensus estimate of $3.22 by $0.10. The firm had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. Broadcom’s revenue for the quarter was up 85.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.69 EPS. As a group, equities analysts forecast that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom’s dividend payout ratio (DPR) is presently 33.21%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several analyst reports. Morgan Stanley reaffirmed an “overweight” rating and set a $505.00 target price (up from $502.00) on shares of Broadcom in a report on Thursday, September 3rd. Fox Advisors raised Broadcom to an “outperform” rating in a report on Thursday, September 3rd. Sanford C. Bernstein restated a “buy” rating on shares of Broadcom in a research report on Monday, September 21st. Tigress Financial assumed coverage on shares of Broadcom in a research note on Thursday, October 22nd. They set a “buy” rating and a $600.00 price objective on the stock. Finally, KeyCorp reaffirmed an “overweight” rating and set a $575.00 price objective on shares of Broadcom in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $530.52.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.