Kelleher Financial Advisors lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 57.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,680 shares of the semiconductor manufacturer’s stock after selling 2,248 shares during the quarter. Kelleher Financial Advisors’ holdings in Broadcom were worth $590,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Core Capital Management & Research inc. bought a new stake in shares of Broadcom in the 2nd quarter worth $31,000. DecisionPoint Financial LLC raised its holdings in shares of Broadcom by 101.9% in the third quarter. DecisionPoint Financial LLC now owns 105 shares of the semiconductor manufacturer’s stock valued at $36,000 after purchasing an additional 53 shares during the last quarter. Harborfront Financial Group LLC bought a new position in shares of Broadcom during the second quarter valued at about $38,000. Align Financial LLC lifted its position in shares of Broadcom by 67.2% during the third quarter. Align Financial LLC now owns 112 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 45 shares in the last quarter. Finally, Curry Webb Wealth Management LLC bought a new position in shares of Broadcom during the third quarter valued at about $41,000. 76.43% of the stock is owned by hedge funds and other institutional investors.
Broadcom News Roundup
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: Broadcom’s AI semiconductor revenue is surging, and management sees significant growth potential over the next several years. One analysis argues that the market may not yet reflect that opportunity; another estimates the shares could be undervalued. Prediction: November Will Be a Huge Month for Broadcom Broadcom Stock Could Be 37% Undervalued
- Neutral Sentiment: Some coverage frames the recent pullback as a potential turning point, with a widening gap between AI business growth and the share-price trend. Whether fundamentals prompt a recovery remains uncertain. Broadcom Stock Could Be Approaching a Major Turning Point
- Negative Sentiment: Near-term risks include the broad AI-chip selloff and worries that higher interest rates could curb AI spending. Potential limits on new data-center permits in some states add uncertainty about future infrastructure buildouts. Broadcom’s AI Revenue Is Exploding. Here’s What Investors Should Watch Next. Broadcom Drops Amid Broad Chip Selloff
- Negative Sentiment: Investor positioning has also weighed on sentiment: ARK sold a large Broadcom holding during the selloff while buying Nvidia. Broadcom is still down sharply over the past month, despite the recent lift. ARK Buys Nvidia and Sells Broadcom Broadcom Is Still Down 22% in the Past Month
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on the stock. Oppenheimer started coverage on shares of Broadcom in a research report on Tuesday, October 27th. They issued a “buy” rating for the company. BNP Paribas Exane lifted their target price on shares of Broadcom from $675.00 to $715.00 and gave the stock an “outperform” rating in a research report on Friday, September 4th. Royal Bank Of Canada assumed coverage on Broadcom in a research note on Thursday, September 3rd. They issued an “outperform” rating on the stock. KeyCorp restated an “overweight” rating and issued a $575.00 target price on shares of Broadcom in a research note on Thursday, September 3rd. Finally, Wedbush initiated coverage on Broadcom in a report on Tuesday, October 27th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $530.52.
View Our Latest Stock Analysis on AVGO
Broadcom Trading Up 0.7%
NASDAQ:AVGO opened at $293.69 on Friday. Broadcom Inc. has a 12 month low of $289.77 and a 12 month high of $495.00. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57. The firm’s 50 day moving average is $347.89 and its 200 day moving average is $366.17. The stock has a market capitalization of $1.40 trillion, a PE ratio of 37.51 and a beta of 1.49.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, beating the consensus estimate of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. During the same period in the prior year, the company earned $1.69 earnings per share. Broadcom’s revenue was up 85.5% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 10.37 earnings per share for the current year.
Broadcom Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom’s dividend payout ratio is currently 33.21%.
About Broadcom
Broadcom Inc is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics.
Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.
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