Simon Quick Advisors LLC decreased its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 25.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,983 shares of the semiconductor manufacturer’s stock after selling 7,443 shares during the period. Simon Quick Advisors LLC’s holdings in Broadcom were worth $6,804,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of AVGO. Vanguard Group Inc. grew its position in Broadcom by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock worth $167,064,997,000 after purchasing an additional 3,919,715 shares during the last quarter. State Street Corp raised its position in shares of Broadcom by 2.7% during the fourth quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer’s stock valued at $65,788,194,000 after buying an additional 5,040,801 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Broadcom by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 111,277,280 shares of the semiconductor manufacturer’s stock valued at $38,396,634,000 after buying an additional 1,548,699 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Broadcom by 3.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 85,546,083 shares of the semiconductor manufacturer’s stock valued at $29,607,500,000 after buying an additional 2,491,644 shares during the period. Finally, Norges Bank acquired a new stake in Broadcom during the fourth quarter worth about $24,252,196,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Key Broadcom News
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: Morgan Stanley said Broadcom remains one of its preferred ways to play the AI infrastructure buildout, calling AVGO an attractive risk-reward name after the recent semiconductor pullback. Broadcom stock gains 2% today: here’s why
- Positive Sentiment: Analysts and market commentary highlighted Broadcom as a high-cash-flow AI chip stock that could benefit as investors look for quality names amid market volatility. 4 High Cash-Producing AI Chip Stocks to Buy Amid Market Uncertainties
- Positive Sentiment: Broadcom’s AI business is being viewed as a key driver of the investment case, with reports noting strong AI chip revenue growth and a larger shift toward AI-related mix. AMD vs. Broadcom: The Better AI-Chip Stock to Buy After the Sell-Off
- Positive Sentiment: Broadcom also announced a major infrastructure software deal with Standard Chartered to modernize banking cloud operations across 54 markets, which supports its VMware-based software revenue stream. Broadcom (AVGO) Lands Standard Chartered Deal To Power Banking Cloud In 54 Markets
- Neutral Sentiment: Broadcom was included in broader “buy the dip” chip-sector commentary as investors looked for value after the recent memory and AI semiconductor sell-off. The Memory Stock Sell-Off Created a ‘Strong Entry Point,’ Says Morgan Stanley. Investors Are Buying In.
- Negative Sentiment: Recent articles also noted that semiconductor stocks had fallen into a bear market after a sharp index decline, reflecting ongoing sectorwide pressure that could cap gains for AVGO. Semiconductor stocks enter bear market: Is bubble burst next?
Broadcom Price Performance
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its earnings results 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 net margin of 38.85% and a return on equity of 41.61%. The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same quarter in the prior year, the firm earned $1.58 EPS. The firm’s quarterly revenue was up 47.9% compared to the same quarter last year. On average, analysts expect that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.
Broadcom Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Monday, June 22nd. Broadcom’s dividend payout ratio is currently 43.33%.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on the company. Jefferies Financial Group set a $550.00 price target on Broadcom and gave the company a “buy” rating in a research note on Thursday, June 4th. DA Davidson raised their price objective on Broadcom from $375.00 to $400.00 and gave the stock a “neutral” rating in a research report on Thursday, June 4th. Morgan Stanley set a $502.00 price objective on Broadcom and gave the stock an “overweight” rating in a report on Thursday, June 4th. Weiss Ratings upgraded Broadcom from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 15th. Finally, Truist Financial upped their target price on Broadcom from $545.00 to $550.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $493.24.
Read Our Latest Stock Report on Broadcom
Insider Activity
In other news, Director Harry L. You bought 1,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was bought at an average price of $373.57 per share, for a total transaction of $373,570.00. Following the completion of the purchase, the director owned 38,466 shares of the company’s stock, valued at approximately $14,369,743.62. The trade was a 2.67% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Justine Page sold 1,602 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $373.86, for a total value of $598,923.72. Following the completion of the transaction, the director directly owned 17,426 shares in the company, valued at $6,514,884.36. The trade was a 8.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 61,644 shares of company stock worth $24,016,214. Corporate insiders own 1.90% of the company’s stock.
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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