Evernest Financial Advisors LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 20.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,267 shares of the semiconductor manufacturer’s stock after selling 1,636 shares during the quarter. Evernest Financial Advisors LLC’s holdings in Broadcom were worth $2,156,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Brown Brothers Harriman & Co. boosted its position in Broadcom by 10.7% during the third quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer’s stock valued at $25,539,000 after purchasing an additional 7,499 shares during the last quarter. Dana Investment Advisors Inc. boosted its position in Broadcom by 2.6% during the third quarter. Dana Investment Advisors Inc. now owns 173,759 shares of the semiconductor manufacturer’s stock valued at $57,325,000 after purchasing an additional 4,442 shares during the last quarter. Sovran Advisors LLC boosted its position in Broadcom by 121.3% during the fourth quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer’s stock valued at $10,507,000 after purchasing an additional 16,789 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its position in Broadcom by 406.1% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer’s stock valued at $4,151,000 after purchasing an additional 9,624 shares during the last quarter. Finally, Siligmueller & Norvid Wealth Advisors LLC acquired a new stake in Broadcom during the third quarter valued at $762,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.
Insider Buying and Selling at Broadcom
In related news, insider Charlie B. Kawwas sold 39,116 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $321.61, for a total transaction of $12,580,096.76. Following the completion of the transaction, the insider owned 74,626 shares of the company’s stock, valued at approximately $24,000,467.86. The trade was a 34.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 50,488 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $16,236,940.80. Following the transaction, the insider directly owned 278,141 shares of the company’s stock, valued at $89,450,145.60. This represents a 15.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 215,970 shares of company stock worth $71,104,945 in the last ninety days. 1.90% of the stock is owned by insiders.
Broadcom Price Performance
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The business had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $22.13 billion. During the same quarter in the previous year, the firm earned $1.58 EPS. The firm’s revenue was up 47.9% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc. will post 10.24 EPS for the current year.
Broadcom Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, June 22nd. Broadcom’s payout ratio is currently 43.33%.
Analyst Ratings Changes
A number of analysts recently issued reports on AVGO shares. Cantor Fitzgerald reissued an “overweight” rating and set a $525.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. Mizuho lifted their price objective on Broadcom from $480.00 to $530.00 and gave the company an “outperform” rating in a research report on Thursday, June 4th. Bank of America lifted their price objective on Broadcom from $450.00 to $530.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $515.00 price objective (up from $430.00) on shares of Broadcom in a research report on Thursday, June 4th. Finally, TD Cowen reissued a “buy” rating and set a $500.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $490.13.
Check Out Our Latest Analysis on AVGO
Key Broadcom News
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: Broadcom’s quarterly results were very strong, with revenue up 48% to a record $22.2 billion, semiconductor revenue up 79%, AI semiconductor revenue up 143% to $10.8 billion, and more than $30 billion in AI bookings, suggesting demand remains robust. Article Title
- Positive Sentiment: Several analysts and commentators argue the recent drop could be a buying opportunity, saying Broadcom remains a core infrastructure winner in AI and that Wall Street’s long-term outlook is still constructive. Article Title
- Positive Sentiment: Fresh coverage highlighted Broadcom as one of the stocks with catalysts heading into the second half of the year, and some analysts have raised earnings forecasts and price targets despite the selloff. Article Title
- Neutral Sentiment: Jim Cramer said Broadcom’s earnings were “not good” and suggested tech stocks are harder to trust as leadership names, reflecting a more cautious market mood around the stock. Article Title
- Neutral Sentiment: Broadcom also announced cash tender offers for certain outstanding debt securities, a routine balance-sheet move that is unlikely to move the stock by itself. Article Title
- Negative Sentiment: Market commentary says the stock is being punished because investors are nitpicking Broadcom’s AI outlook and pricing the shares as if growth must keep accelerating without any hiccups. Article Title
- Negative Sentiment: One note warned that Broadcom told investors to expect gross profit margins to continue falling, reinforcing concerns that profitability may soften even as revenue grows. Article Title
Broadcom Profile
Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.
On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.
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