Renaissance Investment Group LLC Sells 45 Shares of Broadcom Inc. (NASDAQ:AVGO)

Renaissance Investment Group LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 14,159 shares of the semiconductor manufacturer’s stock after selling 45 shares during the quarter. Broadcom accounts for about 3.2% of Renaissance Investment Group LLC’s holdings, making the stock its 7th biggest position. Renaissance Investment Group LLC’s holdings in Broadcom were worth $12,282,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in AVGO. MRP Capital Investments LLC grew its position in Broadcom by 60.0% in the first quarter. MRP Capital Investments LLC now owns 56 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 21 shares in the last quarter. VitalStone Financial LLC grew its position in Broadcom by 71.4% in the first quarter. VitalStone Financial LLC now owns 60 shares of the semiconductor manufacturer’s stock worth $40,000 after acquiring an additional 25 shares in the last quarter. Sageworth Trust Co bought a new stake in Broadcom in the first quarter worth approximately $39,000. Tucker Asset Management LLC bought a new stake in Broadcom in the first quarter worth approximately $43,000. Finally, Grey Fox Wealth Advisors LLC bought a new stake in Broadcom in the fourth quarter worth approximately $39,000. Institutional investors and hedge funds own 78.81% of the company’s stock.

Broadcom Trading Up 2.2 %

Shares of AVGO stock opened at $871.64 on Friday. Broadcom Inc. has a 52-week low of $415.07 and a 52-week high of $923.67. The stock has a market cap of $359.76 billion, a price-to-earnings ratio of 26.80, a P/E/G ratio of 1.79 and a beta of 1.10. The company has a debt-to-equity ratio of 1.73, a quick ratio of 2.25 and a current ratio of 2.50. The firm has a fifty day moving average of $874.48 and a 200-day moving average of $758.55.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. The business had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.85 billion. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter last year, the company posted $9.07 EPS. On average, equities research analysts forecast that Broadcom Inc. will post 37.88 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be given a dividend of $4.60 per share. This represents a $18.40 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend is Wednesday, September 20th. Broadcom’s dividend payout ratio (DPR) is currently 56.58%.

Insider Buying and Selling

In related news, Director Check Kian Low acquired 11,000 shares of the stock in a transaction on Wednesday, September 6th. The stock was purchased at an average price of $872.03 per share, for a total transaction of $9,592,330.00. Following the transaction, the director now owns 15,951 shares of the company’s stock, valued at approximately $13,909,750.53. The acquisition was disclosed in a filing with the SEC, which is available through this link. In related news, Director Eddy W. Hartenstein sold 1,500 shares of Broadcom stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the transaction, the director now owns 9,123 shares of the company’s stock, valued at approximately $7,806,368.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Check Kian Low purchased 11,000 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was bought at an average cost of $872.03 per share, for a total transaction of $9,592,330.00. Following the purchase, the director now owns 15,951 shares of the company’s stock, valued at approximately $13,909,750.53. The disclosure for this purchase can be found here. 2.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. Bank of America boosted their target price on shares of Broadcom from $950.00 to $1,050.00 in a research report on Thursday, June 22nd. Wolfe Research started coverage on shares of Broadcom in a report on Wednesday, July 19th. They set a “market perform” rating for the company. Piper Sandler upped their price objective on shares of Broadcom from $830.00 to $925.00 and gave the stock an “overweight” rating in a report on Tuesday, August 29th. BMO Capital Markets upped their price objective on shares of Broadcom from $890.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Friday, September 1st. Finally, KeyCorp reaffirmed an “overweight” rating and set a $1,000.00 price objective on shares of Broadcom in a report on Thursday. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $846.14.

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.