Broadcom Inc. (NASDAQ:AVGO) is Parnassus Investments LLC’s 8th Largest Position

Parnassus Investments LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,310,912 shares of the semiconductor manufacturer’s stock after selling 332,357 shares during the period. Broadcom accounts for about 2.7% of Parnassus Investments LLC’s holdings, making the stock its 8th biggest holding. Parnassus Investments LLC’s holdings in Broadcom were worth $1,231,282,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp boosted its position in Broadcom by 948.5% during the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock worth $31,814,902,000 after purchasing an additional 166,844,263 shares during the period. Geode Capital Management LLC lifted its holdings in Broadcom by 976.6% in the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after buying an additional 89,975,941 shares in the last quarter. FMR LLC lifted its holdings in Broadcom by 1,121.3% in the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock worth $15,594,088,000 after buying an additional 82,998,328 shares in the last quarter. Jennison Associates LLC lifted its holdings in Broadcom by 842.4% in the 3rd 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 lifted its holdings in Broadcom by 975.4% in the 3rd 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. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

AVGO opened at $191.36 on Friday. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market cap of $899.76 billion, a price-to-earnings ratio of 156.09, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The company’s 50-day moving average price is $218.86 and its 200 day moving average price is $193.43.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. Broadcom’s quarterly revenue was up 51.2% on a year-over-year basis. As a group, sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.23%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is 113.46%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on AVGO shares. Piper Sandler boosted their price objective on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Barclays boosted their price objective on shares of Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Bank of America boosted their price objective on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Susquehanna boosted their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Finally, Benchmark reiterated a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

Insiders Place Their Bets

In other news, Director Diane M. Bryant sold 15,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $226.68, for a total value of $3,400,200.00. Following the completion of the transaction, the director now directly owns 6,460 shares in the company, valued at $1,464,352.80. This trade represents a 69.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $7,308,000. This trade represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 191,278 shares of company stock worth $44,964,800. Insiders own 2.00% of the company’s stock.

Broadcom Profile

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.