Progressive Investment Management Corp grew its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 15.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 46,919 shares of the semiconductor manufacturer’s stock after purchasing an additional 6,242 shares during the period. Broadcom comprises 3.9% of Progressive Investment Management Corp’s investment portfolio, making the stock its 7th largest position. Progressive Investment Management Corp’s holdings in Broadcom were worth $16,239,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the company. Baring Financial LLC grew its holdings in shares of Broadcom by 2.2% during the fourth quarter. Baring Financial LLC now owns 1,359 shares of the semiconductor manufacturer’s stock valued at $470,000 after buying an additional 29 shares during the last quarter. Five Oceans Advisors grew its holdings in shares of Broadcom by 0.4% during the fourth quarter. Five Oceans Advisors now owns 8,191 shares of the semiconductor manufacturer’s stock valued at $2,835,000 after buying an additional 29 shares during the last quarter. Planning Alternatives Ltd. ADV grew its holdings in shares of Broadcom by 1.4% during the third quarter. Planning Alternatives Ltd. ADV now owns 2,168 shares of the semiconductor manufacturer’s stock valued at $715,000 after buying an additional 30 shares during the last quarter. Bell Investment Advisors Inc grew its holdings in shares of Broadcom by 1.9% during the third quarter. Bell Investment Advisors Inc now owns 1,638 shares of the semiconductor manufacturer’s stock valued at $540,000 after buying an additional 30 shares during the last quarter. Finally, Bare Financial Services Inc grew its holdings in shares of Broadcom by 11.6% during the third quarter. Bare Financial Services Inc now owns 299 shares of the semiconductor manufacturer’s stock valued at $99,000 after buying an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.
Broadcom Trading Up 3.1%
Shares of AVGO stock opened at $393.94 on Tuesday. Broadcom Inc. has a 12-month low of $244.17 and a 12-month high of $495.00. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. The firm’s 50 day moving average is $405.85 and its 200 day moving average is $363.29. The stock has a market capitalization of $1.87 trillion, a P/E ratio of 65.66, a P/E/G ratio of 0.67 and a beta of 1.41.
Broadcom Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be given a $0.65 dividend. The ex-dividend date is Monday, June 22nd. This represents a $2.60 annualized dividend and a yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is presently 43.33%.
Insiders Place Their Bets
In other Broadcom news, Director Gayla J. Delly sold 1,000 shares of the stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $358.31, for a total value of $358,310.00. Following the transaction, the director directly owned 32,352 shares in the company, valued at approximately $11,592,045.12. This trade represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the completion of the transaction, the insider owned 787,184 shares in the company, valued at $271,759,532.32. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 51,233 shares of company stock valued at $18,125,134. 1.90% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on AVGO shares. Susquehanna reiterated a “positive” rating and set a $490.00 price target (up from $450.00) on shares of Broadcom in a report on Thursday, May 28th. Royal Bank Of Canada raised their target price on shares of Broadcom from $360.00 to $400.00 and gave the stock a “sector perform” rating in a report on Thursday, June 4th. Mizuho raised their target price on shares of Broadcom from $480.00 to $530.00 and gave the stock an “outperform” rating in a report on Thursday, June 4th. Wells Fargo & Company restated an “overweight” rating and issued a $545.00 target price (up from $430.00) on shares of Broadcom in a report on Thursday, May 14th. Finally, Zacks Research cut shares of Broadcom from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 21st. 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 company. According to data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $490.13.
View Our Latest Report on Broadcom
Broadcom News Roundup
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: Director Harry L. You bought 1,000 Broadcom shares in a disclosed SEC filing, a vote of confidence that can reassure investors about the company’s outlook. SEC Form 4 filing
- Positive Sentiment: Recent articles continue to frame Broadcom as a major beneficiary of the AI infrastructure buildout, with investors focusing on its custom compute, networking, and semiconductor exposure. Investopedia article
- Positive Sentiment: Broadcom was included in bullish commentary about “beaten down” AI infrastructure stocks, suggesting some investors see the recent pullback as a buying opportunity rather than a fundamental deterioration. 247WallSt article
- Positive Sentiment: Wall Street Zen reportedly upgraded Broadcom to Strong-Buy, adding to the bullish analyst tone around the stock. American Banking News article
- Neutral Sentiment: Some coverage compared Broadcom with other AI infrastructure names and noted that competitors may have stronger near-term upside, which could temper enthusiasm but does not change Broadcom’s long-term AI thesis. Zacks article
- Negative Sentiment: Recent market commentary said Broadcom’s stock pulled back after record quarterly results because investors were focused on cautious AI guidance and valuation concerns, which may be weighing on sentiment. Yahoo Finance article
About Broadcom
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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