WASHINGTON TRUST Co trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 2.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 326,227 shares of the semiconductor manufacturer’s stock after selling 9,701 shares during the period. Broadcom accounts for about 3.5% of WASHINGTON TRUST Co’s holdings, making the stock its 5th biggest holding. WASHINGTON TRUST Co’s holdings in Broadcom were worth $114,568,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of AVGO. State Street Corp increased its holdings in Broadcom by 8.7% in the 2nd quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock valued at $75,367,711,000 after purchasing an additional 16,651,378 shares during the last quarter. Bank of America Corp DE lifted its stake in Broadcom by 4.6% during the second quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer’s stock worth $23,202,543,000 after purchasing an additional 2,685,916 shares in the last quarter. Wellington Management Group LLP lifted its stake in Broadcom by 3.8% during the second quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer’s stock worth $19,484,611,000 after purchasing an additional 1,892,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Broadcom by 2.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer’s stock worth $15,178,195,000 after buying an additional 1,140,598 shares during the period. Finally, Legal & General Group Plc acquired a new stake in shares of Broadcom in the second quarter valued at $11,998,148,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Trading Up 4.0%
Broadcom stock opened at $342.33 on Wednesday. The firm’s 50 day moving average price is $354.48 and its two-hundred day moving average price is $366.99. Broadcom Inc. has a twelve month low of $289.96 and a twelve month high of $495.00.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, beating the consensus estimate of $3.22 by $0.10. The firm had revenue of $29.59 billion during the quarter, compared to the consensus estimate of $29.24 billion. The company’s quarterly revenue was up 85.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.69 EPS. As a group, sell-side analysts expect that Broadcom Inc. will post 10.37 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were issued a $0.65 dividend. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%.
Key Broadcom News
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: A consortium including Bank of America, Blackstone, Citigroup and Morgan Stanley reportedly arranged up to $63 billion to finance Broadcom AI accelerators and networking equipment for Anthropic. The structure could provide significant demand visibility, while Truist estimates the arrangement could generate as much as $30 billion in Broadcom revenue with limited direct risk. Broadcom Anthropic financing article
- Positive Sentiment: Anthropic’s IPO filing highlighted approximately $224.5 billion of non-cancelable compute commitments with Amazon and Alphabet. Investors viewed the spending requirements as an indirect tailwind for Broadcom’s custom AI chips, application-specific processors and networking products. Anthropic IPO filing article
- Positive Sentiment: D.A. Davidson upgraded AVGO from Neutral to Buy and raised its price target from $350 to $400, citing sustained AI spending and upcoming AI-company IPOs. Rosenblatt also reaffirmed a Buy rating with a $600 target. D.A. Davidson upgrade article
- Positive Sentiment: Fitch affirmed Broadcom’s A- issuer rating with a Positive outlook, citing strong cash generation and expectations that core EBITDA leverage will remain below the agency’s upgrade threshold. Fitch rating article
- Neutral Sentiment: Broadcom released fixes for 89 vulnerabilities in its TrueSource Spring Enterprise software, supporting its infrastructure-software business and customer relationships, though the announcement is unlikely to materially affect near-term earnings. Broadcom TrueSource announcement
- Negative Sentiment: Bearish concerns remain: rising AI mix may pressure margins, supply constraints could limit growth, and revenue is increasingly concentrated among a small number of customers. Analysts have also cut estimates, while Broadcom’s uncapped off-balance-sheet guarantees create additional financing and execution risk. Broadcom risk analysis
- Negative Sentiment: Alphabet’s efforts to diversify TPU suppliers, along with weakness in Broadcom’s non-AI businesses, could challenge the company’s long-term customer concentration and valuation assumptions. Reported insider activity has also been heavily weighted toward sales, adding a modest sentiment headwind.
Analyst Upgrades and Downgrades
A number of research firms have commented on AVGO. KeyCorp restated an “overweight” rating and issued a $575.00 price objective on shares of Broadcom in a research note on Thursday, September 3rd. Tigress Financial began coverage on shares of Broadcom in a research note on Thursday, October 22nd. They set a “buy” rating and a $600.00 target price for the company. The Goldman Sachs Group raised their price target on Broadcom from $525.00 to $540.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. Cantor Fitzgerald raised their price target on Broadcom from $525.00 to $600.00 and gave the stock an “overweight” rating in a report on Thursday, September 3rd. Finally, Evercore set a $578.00 price target on Broadcom and gave the company an “outperform” rating in a research report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $530.52.
Get Our Latest Analysis on Broadcom
About Broadcom
Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.
The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.
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