Ledyard National Bank reduced its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 4.1% during the 3rd quarter, Holdings Channel reports. The fund owned 108,613 shares of the semiconductor manufacturer’s stock after selling 4,659 shares during the period. Broadcom comprises about 3.0% of Ledyard National Bank’s portfolio, making the stock its 7th biggest position. Ledyard National Bank’s holdings in Broadcom were worth $38,144,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in AVGO. Seros Financial LLC boosted its stake in shares of Broadcom by 26.6% during the third quarter. Seros Financial LLC now owns 1,101 shares of the semiconductor manufacturer’s stock valued at $387,000 after acquiring an additional 231 shares during the last quarter. Virtue Asset Management LLC raised its stake in Broadcom by 2.5% in the 3rd quarter. Virtue Asset Management LLC now owns 6,102 shares of the semiconductor manufacturer’s stock valued at $2,143,000 after purchasing an additional 149 shares during the last quarter. Legacy Financial Group Inc. raised its stake in Broadcom by 33.5% in the 3rd quarter. Legacy Financial Group Inc. now owns 1,475 shares of the semiconductor manufacturer’s stock valued at $518,000 after purchasing an additional 370 shares during the last quarter. NBT Bank N.A. acquired a new position in Broadcom in the 3rd quarter valued at about $5,927,000. Finally, Root Financial Partners LLC lifted its holdings in Broadcom by 1.4% in the 3rd quarter. Root Financial Partners LLC now owns 33,026 shares of the semiconductor manufacturer’s stock valued at $11,598,000 after purchasing an additional 472 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Key Broadcom News
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: A coalition of banks and Blackstone is reportedly arranging a $63 billion financing vehicle to purchase AI-computing infrastructure from Broadcom and lease it to Anthropic. The proposed transaction would provide a potentially significant source of demand and revenue visibility. Banks, Blackstone Form $63 Billion Financing Vehicle for Broadcom AI Tech
- Positive Sentiment: Anthropic’s IPO filing disclosed approximately $224.5 billion of non-cancelable compute commitments with Amazon and Alphabet. The scale of those commitments supports continued spending on custom AI accelerators and networking equipment supplied or co-designed by Broadcom. Anthropic’s IPO Filing Reveals a Massive Opportunity for AI Infrastructure Giants
- Positive Sentiment: Reports highlight unusually heavy call-option activity and argue that Broadcom’s custom AI chips are gaining popularity among major AI companies. Bullish commentary also points to strong projected growth in custom silicon and networking through 2030. Huge, unusual call option activity in Broadcom shows investors bullish on AVGO stock
- Neutral Sentiment: Broadcom’s stock is being described as potentially attractive after reaching a six-month low, although investors remain focused on whether future AI growth is already reflected in its premium valuation. Broadcom Is At a 6-Month Low – Is AVGO Stock Too Cheap?
- Negative Sentiment: Alphabet is reportedly diversifying its TPU suppliers to include MediaTek, raising concerns that Broadcom could lose some custom-chip business. Growing demand from Anthropic and OpenAI may offset that risk, but supplier diversification remains an important competitive threat. Broadcom’s AI Chip Business Is Booming, But Alphabet’s Strategy Highlights 2 Key Risks
- Negative Sentiment: Concerns that debt-market funding for AI data centers is tightening could slow infrastructure construction and customer spending. Separately, Erste Group Bank cut its earnings estimates for Broadcom, adding near-term pressure to expectations.
Broadcom Stock Performance
NASDAQ AVGO opened at $329.17 on Tuesday. The business’s 50-day moving average price is $356.76 and its 200 day moving average price is $367.07. Broadcom Inc. has a twelve month low of $289.96 and a twelve month high of $495.00. The company has a market capitalization of $1.57 trillion, a PE ratio of 42.04 and a beta of 1.46. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57.
Broadcom (NASDAQ:AVGO – Get Free Report) last issued its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.22 by $0.10. The firm had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The firm’s quarterly revenue was up 85.5% on a year-over-year basis. During the same period last year, the company earned $1.69 EPS. On average, research analysts predict that Broadcom Inc. will post 10.37 earnings per share for the current year.
Broadcom Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Monday, September 21st. Broadcom’s dividend payout ratio is presently 33.21%.
Analyst Upgrades and Downgrades
Several equities research analysts have issued reports on the stock. Rosenblatt Securities initiated coverage on shares of Broadcom in a research note on Thursday, September 3rd. They set a “buy” rating and a $600.00 price target on the stock. BMO Capital Markets lifted their price target on shares of Broadcom from $455.00 to $575.00 and gave the stock an “outperform” rating in a report on Thursday, September 3rd. Truist Financial cut their price objective on shares of Broadcom from $550.00 to $520.00 and set a “buy” rating for the company in a research report on Thursday, September 3rd. Royal Bank Of Canada began coverage on shares of Broadcom in a research note on Thursday, September 3rd. They set an “outperform” rating on the stock. Finally, President Capital raised their target price on shares of Broadcom from $520.00 to $546.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $529.17.
Check Out 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 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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