Wealthspire Advisors LLC Boosts Stake in Broadcom Inc. $AVGO

Wealthspire Advisors LLC increased its position in Broadcom Inc. (NASDAQ:AVGO) by 52.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,372 shares of the semiconductor manufacturer’s stock after buying an additional 21,418 shares during the period. Wealthspire Advisors LLC’s holdings in Broadcom were worth $21,587,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in AVGO. ROSS JOHNSON & Associates LLC raised its position in Broadcom by 1,320.0% during the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 66 shares during the period. SWAN Capital LLC raised its position in Broadcom by 261.9% during the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 55 shares during the period. Miller Global Investments LLC purchased a new stake in Broadcom during the fourth quarter valued at approximately $31,000. Nvest Wealth Strategies Inc. purchased a new stake in Broadcom during the fourth quarter valued at approximately $33,000. Finally, Family CFO Inc purchased a new stake in Broadcom during the fourth quarter valued at approximately $35,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In related news, CFO Kirsten M. Spears sold 36,292 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $11,671,507.20. Following the transaction, the chief financial officer owned 327,760 shares of the company’s stock, valued at $105,407,616. This represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 50,488 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $16,236,940.80. Following the completion of the transaction, the insider directly owned 278,141 shares in the company, valued at approximately $89,450,145.60. This trade represents a 15.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 324,282 shares of company stock worth $106,425,249 in the last ninety days. 1.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on AVGO shares. Royal Bank Of Canada upped their price objective on Broadcom from $360.00 to $400.00 and gave the company a “sector perform” rating in a research report on Thursday, June 4th. Wells Fargo & Company restated an “overweight” rating and set a $545.00 price objective (up from $430.00) on shares of Broadcom in a research report on Thursday, May 14th. The Goldman Sachs Group restated a “buy” rating and set a $525.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a research report on Sunday, June 7th. Finally, Bank of America upped their price objective on Broadcom from $450.00 to $530.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $490.13.

Broadcom News Summary

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s quarterly results were very strong, with revenue up 48% to a record $22.2 billion, semiconductor revenue up 79%, AI semiconductor revenue up 143% to $10.8 billion, and more than $30 billion in AI bookings, suggesting demand remains robust. Article Title
• Positive Sentiment: Several analysts and commentators argue the recent drop could be a buying opportunity, saying Broadcom remains a core infrastructure winner in AI and that Wall Street’s long-term outlook is still constructive. Article Title
• Positive Sentiment: Fresh coverage highlighted Broadcom as one of the stocks with catalysts heading into the second half of the year, and some analysts have raised earnings forecasts and price targets despite the selloff. Article Title
• Neutral Sentiment: Jim Cramer said Broadcom’s earnings were “not good” and suggested tech stocks are harder to trust as leadership names, reflecting a more cautious market mood around the stock. Article Title
• Neutral Sentiment: Broadcom also announced cash tender offers for certain outstanding debt securities, a routine balance-sheet move that is unlikely to move the stock by itself. Article Title
• Negative Sentiment: Market commentary says the stock is being punished because investors are nitpicking Broadcom’s AI outlook and pricing the shares as if growth must keep accelerating without any hiccups. Article Title
• Negative Sentiment: One note warned that Broadcom told investors to expect gross profit margins to continue falling, reinforcing concerns that profitability may soften even as revenue grows. Article Title

Broadcom Trading Down 0.9%

AVGO opened at $382.07 on Friday. The stock has a market cap of $1.82 trillion, a price-to-earnings ratio of 63.68, a P/E/G ratio of 0.68 and a beta of 1.41. The stock’s 50 day moving average price is $404.26 and its 200-day moving average price is $363.33. Broadcom Inc. has a one year low of $244.17 and a one year high of $495.00. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.04. The firm 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 company’s quarterly revenue was up 47.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.58 earnings per share. On average, equities analysts forecast that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be paid a $0.65 dividend. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 annualized dividend and a yield of 0.7%. Broadcom’s dividend payout ratio is 43.33%.

About Broadcom

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.