New York State Teachers Retirement System raised its position in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 0.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,827,111 shares of the semiconductor manufacturer’s stock after purchasing an additional 12,514 shares during the quarter. Broadcom accounts for about 2.4% of New York State Teachers Retirement System’s holdings, making the stock its 6th biggest holding. New York State Teachers Retirement System owned about 0.08% of Broadcom worth $1,184,529,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. ROSS JOHNSON & Associates LLC raised its holdings in 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 buying an additional 66 shares during the last quarter. Networth Advisors LLC grew its holdings in 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 acquiring an additional 71 shares during the last quarter. SWAN Capital LLC grew its holdings in 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 acquiring an additional 55 shares during the last quarter. Miller Global Investments LLC acquired a new position in Broadcom in the 4th quarter valued at approximately $31,000. Finally, Nvest Wealth Strategies Inc. acquired a new position in Broadcom in the 4th quarter valued at approximately $33,000. 76.43% of the stock is owned by institutional investors and hedge funds.
Trending Headlines about Broadcom
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: Broadcom’s expanded partnership with Apple through 2031 should support long-term chip demand and strengthen confidence in its custom silicon growth story. Reuters: Broadcom, Apple extend chip partnership through 2031
- Positive Sentiment: Broadcom is being highlighted as a key AI infrastructure and edge-AI player, which supports the stock’s premium valuation. Seeking Alpha: Broadcom’s AI Infrastructure Model Justifies Its Premium Valuation
- Positive Sentiment: Analyst and investor commentary continues to point to Broadcom’s custom AI silicon growth as a reason estimates may keep moving higher. Yahoo Finance: Why Broadcom Inc.’s Custom AI Silicon Growth Still Supports Its Estimate Story
- Neutral Sentiment: Broader semiconductor momentum has helped AVGO alongside other chip names, adding a sector tailwind to the stock. Yahoo Finance: Allegro MicroSystems and Penguin Solutions Shares Skyrocket
- Negative Sentiment: Some recent coverage warns that Broadcom’s largest AI customer may be shifting business to MediaTek, which could raise questions about customer concentration in its AI chip franchise. MSN: Broadcom’s largest AI customer is fleeing to MediaTek
- Negative Sentiment: One analyst note also said AVGO had been under pressure recently after a weaker near-term outlook and limited improvement to the longer-term AI revenue picture. Zacks: Broadcom Drops 9% in a Month
Insider Transactions at Broadcom
Analysts Set New Price Targets
A number of equities analysts have recently commented on AVGO shares. Mizuho lifted their price target on shares of Broadcom from $480.00 to $530.00 and gave the stock an “outperform” rating in a report on Thursday, June 4th. Morgan Stanley set a $502.00 price objective on Broadcom and gave the company an “overweight” rating in a report on Thursday, June 4th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $545.00 target price (up from $430.00) on shares of Broadcom in a research report on Thursday, May 14th. Truist Financial lifted their target price on Broadcom from $545.00 to $550.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Finally, Citigroup reiterated a “buy” rating on shares of Broadcom in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $493.24.
Read Our Latest Analysis on Broadcom
Broadcom Trading Down 2.3%
Broadcom stock traded down $8.55 during trading hours on Tuesday, reaching $365.35. 4,370,772 shares of the company’s stock were exchanged, compared to its average volume of 26,293,332. The firm’s 50 day simple moving average is $407.92 and its 200 day simple moving average is $362.49. Broadcom Inc. has a twelve month low of $269.58 and a twelve month high of $495.00. 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 firm has a market capitalization of $1.74 trillion, a PE ratio of 60.79, a PEG ratio of 0.63 and a beta of 1.45.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.13 billion. During the same period in the previous year, the business earned $1.58 EPS. The firm’s revenue was up 47.9% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 10.24 earnings per share for the current year.
Broadcom Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were paid a $0.65 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $2.60 annualized dividend and a yield of 0.7%. Broadcom’s payout ratio is 43.33%.
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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