Kornitzer Capital Management Inc. KS lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 12.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 52,407 shares of the semiconductor manufacturer’s stock after purchasing an additional 5,932 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Broadcom were worth $18,405,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the stock. State Street Corp boosted its stake in shares of Broadcom by 8.7% during the 2nd quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock worth $75,367,711,000 after acquiring an additional 16,651,378 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Broadcom by 4.6% in the 2nd quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer’s stock worth $23,202,543,000 after acquiring an additional 2,685,916 shares during the period. Wellington Management Group LLP increased its stake in Broadcom by 3.8% in the 2nd quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer’s stock valued at $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 increased its stake in Broadcom by 2.9% in the 2nd 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 valued at $15,178,195,000 after purchasing an additional 1,140,598 shares in the last quarter. Finally, Legal & General Group Plc purchased a new stake in Broadcom during the second quarter worth $11,998,148,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.
More Broadcom News
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: Anthropic’s S-1 filing reportedly shows surging revenue and $131.8 billion in cash, strengthening confidence in its ability to support a large commitment to Broadcom. Broadcom’s connection to a $26 billion Anthropic placement also underscores its role in the AI supply chain. Anthropic’s S-1 Strengthens the Case for Broadcom’s AI Growth
- Positive Sentiment: Google’s projected $135 billion chip spending could benefit Broadcom’s custom-chip business, as large technology companies look beyond GPUs to develop their own AI processors. The Real Winner of Google’s $135 Billion Chip Forecast: Broadcom
- Positive Sentiment: Analysts point to Broadcom’s history of earnings surprises and factors they believe could support another quarterly beat. The next results are scheduled for December 9, making the report a near-term test of AI demand and investor expectations. Will Broadcom Beat Estimates Again?
- Neutral Sentiment: Broadcom contributed its VM API project to the Cloud Native Computing Foundation’s Sandbox and is working on Kubernetes workload standards. This may strengthen VMware’s ecosystem and partner support, though the near-term financial impact is uncertain. Broadcom Contributes VM API Open Source Project to CNCF
- Negative Sentiment: Despite the rebound, investor concerns persist over margin pressure and a reported $63 billion financing structure. Broader worries about data-center investment, AI regulation and higher interest rates could also weigh on sentiment toward semiconductor stocks. Broadcom’s Margin and Financing Concerns
Broadcom Stock Up 3.9%
Shares of NASDAQ AVGO opened at $331.98 on Wednesday. The firm has a market cap of $1.58 trillion, a P/E ratio of 42.40 and a beta of 1.49. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.29 and a current ratio of 2.50. Broadcom Inc. has a 1 year low of $289.77 and a 1 year high of $495.00. The firm’s 50 day moving average price is $346.14 and its 200 day moving average price is $366.16.
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.10. The business had revenue of $29.59 billion for the quarter, compared to analysts’ expectations of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business’s revenue was up 85.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.69 earnings per share. As a group, sell-side analysts anticipate that Broadcom Inc. will post 10.37 earnings per share for the current year.
Broadcom Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom’s dividend payout ratio (DPR) is presently 33.21%.
Analyst Upgrades and Downgrades
Several research firms have weighed in on AVGO. Raymond James Financial reissued an “outperform” rating and issued a $475.00 target price (up from $450.00) on shares of Broadcom in a report on Thursday, September 3rd. Citigroup lowered shares of Broadcom from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 27th. President Capital raised their price objective on shares of Broadcom from $520.00 to $546.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Bank of America reduced their target price on Broadcom from $530.00 to $460.00 and set a “buy” rating on the stock in a research note on Thursday, September 3rd. Finally, Jefferies Financial Group assumed coverage on Broadcom in a research report on Thursday, September 3rd. They set a “buy” rating and a $550.00 price target for the company. One research 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’s stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $530.52.
Read Our Latest Stock Analysis on Broadcom
Broadcom Company Profile
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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