Strategic Advisory Partners LLC acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 2,450 shares of the semiconductor manufacturer’s stock, valued at approximately $848,000. Broadcom makes up 0.7% of Strategic Advisory Partners LLC’s portfolio, making the stock its 14th biggest position.
A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Brown Brothers Harriman & Co. increased its position in Broadcom by 10.7% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer’s stock valued at $25,539,000 after acquiring an additional 7,499 shares during the period. Dana Investment Advisors Inc. lifted its holdings in shares of Broadcom by 2.6% during the third quarter. Dana Investment Advisors Inc. now owns 173,759 shares of the semiconductor manufacturer’s stock worth $57,325,000 after purchasing an additional 4,442 shares during the period. Sovran Advisors LLC lifted its holdings in shares of Broadcom by 121.3% during the fourth quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer’s stock worth $10,507,000 after purchasing an additional 16,789 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Broadcom by 406.1% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer’s stock worth $4,151,000 after purchasing an additional 9,624 shares during the last quarter. Finally, Siligmueller & Norvid Wealth Advisors LLC bought a new stake in shares of Broadcom in the third quarter worth $762,000. Institutional investors own 76.43% of the company’s stock.
Analysts Set New Price Targets
Several brokerages recently issued reports on AVGO. Seaport Research Partners reaffirmed a “neutral” rating on shares of Broadcom in a research report on Wednesday, April 8th. Evercore reiterated an “outperform” rating and issued a $582.00 price target on shares of Broadcom in a research report on Tuesday, May 19th. KeyCorp reissued an “overweight” rating and issued a $575.00 price target (up from $500.00) on shares of Broadcom in a research note on Thursday, June 4th. Jefferies Financial Group set a $550.00 price objective on Broadcom and gave the stock a “buy” rating in a research report on Thursday, June 4th. Finally, Mizuho lifted their price objective on Broadcom from $480.00 to $530.00 and gave the stock an “outperform” rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $490.13.
Insider Buying and Selling at Broadcom
In other Broadcom news, insider Mark David Brazeal sold 4,825 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $394.91, for a total value of $1,905,440.75. Following the transaction, the insider directly owned 269,989 shares of the company’s stock, valued at approximately $106,621,355.99. The trade was a 1.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider S. Ram Velaga sold 8,000 shares of the stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $370.52, for a total value of $2,964,160.00. Following the transaction, the insider owned 57,932 shares in the company, valued at $21,464,964.64. The trade was a 12.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 59,385 shares of company stock valued at $21,301,057 over the last ninety days. Insiders own 1.90% of the company’s stock.
Key Stories Impacting Broadcom
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
- Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be ‘aggressive buyers’ of Broadcom at current levels
- Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
- Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom’s Second Biggest Business Set to Accelerate
- Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
- Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn’t Make Sense.’ Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.
Broadcom Stock Performance
Shares of AVGO opened at $411.35 on Friday. 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 stock has a market capitalization of $1.96 trillion, a P/E ratio of 68.56, a price-to-earnings-growth ratio of 0.72 and a beta of 1.41. The firm’s fifty day simple moving average is $411.42 and its two-hundred day simple moving average is $363.50. Broadcom Inc. has a 12 month low of $244.17 and a 12 month high of $495.00.
Broadcom (NASDAQ:AVGO – Get Free Report) last issued its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $22.13 billion. During the same period last year, the business posted $1.58 EPS. The business’s revenue was up 47.9% compared to the same quarter last year. As a group, analysts predict that Broadcom Inc. will post 10.24 EPS for the current year.
Broadcom Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 annualized dividend and a yield of 0.6%. Broadcom’s dividend payout ratio (DPR) is currently 43.33%.
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.
Read More
- Five stocks we like better than Broadcom
- 3 Retail Winners Using Cash Flow to Stay Ahead
- 3 Tech ETFs That Could Bounce Back After the AI Selloff
- 3 Penny Stocks Under $5 Backed by Real Revenue Growth
- 3 Non-Pharma Firms That Could Benefit From the GLP-1 Trend
Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO – Free Report).
Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.
