Mengis Capital Management Inc. boosted its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 23.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,231 shares of the semiconductor manufacturer’s stock after buying an additional 1,972 shares during the period. Mengis Capital Management Inc.’s holdings in Broadcom were worth $3,541,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. Brighton Jones LLC grew its stake in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after purchasing an additional 5,322 shares during the period. Revolve Wealth Partners LLC grew its position in shares of Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after buying an additional 756 shares during the period. United Bank increased its stake in shares of Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer’s stock worth $392,000 after acquiring an additional 1,014 shares in the last quarter. Sivia Capital Partners LLC boosted its stake in Broadcom by 10.1% during the second quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer’s stock worth $3,499,000 after acquiring an additional 1,160 shares in the last quarter. Finally, Capital & Planning LLC grew its holdings in Broadcom by 10.5% in the second quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer’s stock worth $1,098,000 after purchasing an additional 378 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.
Trending Headlines about 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.
Insider Buying and Selling
Broadcom Stock Performance
NASDAQ:AVGO opened at $411.35 on Friday. The company has a market cap of $1.96 trillion, a PE ratio of 68.56, a price-to-earnings-growth ratio of 0.72 and a beta of 1.41. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a 12 month low of $244.17 and a 12 month high of $495.00. The company has a 50 day simple moving average of $411.42 and a two-hundred day simple moving average of $363.50.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.04. The business had revenue of $22.19 billion for the quarter, compared to analysts’ expectations 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. Research analysts forecast that Broadcom Inc. will post 10.24 earnings per share for the current year.
Broadcom Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be issued a $0.65 dividend. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. Broadcom’s dividend payout ratio (DPR) is presently 43.33%.
Analyst Ratings Changes
AVGO has been the topic of several recent research reports. Mizuho upped their price target on Broadcom from $480.00 to $530.00 and gave the stock an “outperform” rating in a research note on Thursday, June 4th. Benchmark boosted their target price on Broadcom from $485.00 to $545.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a research note on Friday, June 5th. Seaport Research Partners reaffirmed a “neutral” rating on shares of Broadcom in a research report on Wednesday, April 8th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $525.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. One 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 company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $490.13.
View Our Latest Analysis on Broadcom
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.
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