Stoneridge Investment Partners LLC acquired a new stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 17,264 shares of the semiconductor manufacturer’s stock, valued at approximately $6,721,000. Broadcom comprises about 4.4% of Stoneridge Investment Partners LLC’s portfolio, making the stock its 5th biggest holding.
Several other institutional investors have also added to or reduced their stakes in AVGO. ROSS JOHNSON & Associates LLC increased its stake in shares of Broadcom by 1,320.0% in the 4th quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 66 shares during the last quarter. Networth Advisors LLC lifted its position in shares of Broadcom by 546.2% during the 1st quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 71 shares during the last quarter. SWAN Capital LLC lifted its position in shares of Broadcom by 261.9% during the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 55 shares during the last quarter. Nvest Wealth Strategies Inc. acquired a new stake in Broadcom in the fourth quarter valued at about $33,000. Finally, Camelot Portfolios LLC acquired a new stake in Broadcom in the fourth quarter valued at about $45,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research analysts have commented on AVGO shares. JPMorgan Chase & Co. boosted their target price on Broadcom from $500.00 to $580.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. Bank of America raised their price target on shares of Broadcom from $450.00 to $530.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Truist Financial lifted their price target on shares of Broadcom from $545.00 to $550.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Evercore reiterated an “outperform” rating and set a $582.00 price objective on shares of Broadcom in a research report on Tuesday, May 19th. Finally, Weiss Ratings downgraded shares of Broadcom from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 30th. Twenty-nine analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $491.97.
Broadcom Price Performance
Shares of AVGO opened at $358.76 on Tuesday. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. The stock has a market cap of $1.71 trillion, a PE ratio of 59.79, a PEG ratio of 0.70 and a beta of 1.45. Broadcom Inc. has a 12-month low of $287.17 and a 12-month high of $495.00. The business has a 50-day simple moving average of $387.86 and a two-hundred day simple moving average of $375.37.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.04. The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The business’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same period last year, the firm posted $1.58 earnings per share. Analysts anticipate that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Monday, June 22nd. Broadcom’s dividend payout ratio (DPR) is 43.33%.
Insider Buying and Selling at Broadcom
In other Broadcom news, Director Gayla J. Delly sold 1,890 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total value of $728,368.20. Following the completion of the transaction, the director directly owned 31,326 shares in the company, valued at approximately $12,072,413.88. This represents a 5.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Justine Page sold 1,602 shares of the firm’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $373.86, for a total transaction of $598,923.72. Following the transaction, the director directly owned 17,426 shares of the company’s stock, valued at $6,514,884.36. The trade was a 8.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 61,644 shares of company stock valued at $24,016,214 in the last quarter. 1.90% of the stock is currently owned by corporate insiders.
More Broadcom News
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: Broadcom’s prior experience losing a major customer offers some reassurance: after Apple reportedly planned to drop a key chip in 2023, Broadcom’s revenue nearly doubled over the following two fiscal years. This history may temper concerns that the company’s business would deteriorate quickly if a hyperscaler develops more of its own silicon. Broadcom Has Seen Its Biggest Customer Drop a Key Chip Before. History Says What the Stock Did Next.
- Neutral Sentiment: Broadcom and Marvell remain major suppliers in the custom AI-chip market, with demand from hyperscalers supporting the long-term opportunity. However, investors are focused on which company can deliver better performance at lower cost. Broadcom vs. Marvell Technology: 1 Critical Metric Decides the Better Custom AI Chip Stock
- Negative Sentiment: Broadcom’s planned roughly $60 billion AI financing arrangement is raising balance-sheet and credit concerns. Critics argue that funding customer deployments through structures that keep debt off Broadcom’s books could still leave the company exposed to customer concentration, repayment and demand risks. AVGO stock slips nearly 3% — Broadcom’s AI spending is pushing credit risks higher
- Negative Sentiment: Analysts and commentators question whether Broadcom can achieve its ambitious $100 billion AI-revenue target, particularly as the stock’s valuation leaves less room for execution mistakes. Broadcom: $100 Billion In AI Revenue Is A Lot To Ask
- Negative Sentiment: Marvell’s expanded custom-chip agreement with Google has intensified fears that Broadcom could lose share or pricing power in the hyperscaler market. The competitive threat has contributed to a decline in AVGO shares and increased scrutiny of upcoming AI guidance. Marvell Takes a Shot at Broadcom’s Throne With Google Deal
- Negative Sentiment: Semiconductor stocks broadly sold off ahead of NVIDIA’s results, with chip ETFs and peers such as Intel, AMD and Taiwan Semiconductor also weakening. This sector-wide de-risking is adding to AVGO-specific selling pressure. Semiconductor Stocks Slide Ahead of NVIDIA Earnings
Broadcom Company 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
- Visa Just Put Hims & Hers in the Penalty Box—Here’s Why It Matters
- Treasury Yields Are Surging Again: 3 Stocks That Could Feel the Pain
- Snowflake Could Be Headed for New Highs Despite Insider Selling
- MongoDB Is Surging—And the Next Catalyst Is Almost Here
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.
