Broadcom Inc. $AVGO Stock Sold by Profund Advisors LLC

Profund Advisors LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 385,763 shares of the semiconductor manufacturer’s stock after selling 40,370 shares during the period. Broadcom comprises approximately 3.9% of Profund Advisors LLC’s investment portfolio, making the stock its 4th biggest position. Profund Advisors LLC’s holdings in Broadcom were worth $135,476,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cornerstone Advisors LLC bought a new stake in shares of Broadcom in the second quarter valued at about $92,522,000. GAMMA Investing LLC lifted its stake in Broadcom by 8.8% in the third quarter. GAMMA Investing LLC now owns 164,015 shares of the semiconductor manufacturer’s stock worth $55,889,000 after acquiring an additional 13,317 shares during the period. ANB Bank bought a new position in Broadcom during the 3rd quarter worth about $1,181,000. Bank of America Corp DE grew its holdings in Broadcom by 1.5% during the 1st quarter. Bank of America Corp DE now owns 58,737,097 shares of the semiconductor manufacturer’s stock worth $18,179,719,000 after acquiring an additional 894,564 shares in the last quarter. Finally, Clear Harbor Asset Management LLC bought a new position in Broadcom during the 2nd quarter worth about $3,302,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on AVGO. Rosenblatt Securities reissued a “buy” rating and set a $600.00 target price on shares of Broadcom in a research report on Tuesday, October 27th. Arete Research increased their price objective on shares of Broadcom from $488.00 to $530.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. KeyCorp reissued an “overweight” rating and set a $575.00 price objective on shares of Broadcom in a report on Thursday, September 3rd. Wedbush initiated coverage on shares of Broadcom in a research note on Tuesday, October 27th. They issued an “outperform” rating for the company. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of Broadcom in a report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $530.52.

Broadcom Stock Down 2.0%

NASDAQ:AVGO opened at $325.60 on Thursday. Broadcom Inc. has a fifty-two week low of $289.96 and a fifty-two week high of $495.00. The stock has a market capitalization of $1.55 trillion, a P/E ratio of 41.58 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. The company’s 50-day simple moving average is $350.73 and its 200-day simple moving average is $366.67.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping the consensus estimate of $3.22 by $0.10. The firm had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. Broadcom’s revenue was up 85.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.69 EPS. On average, equities analysts anticipate that Broadcom Inc. will post 10.37 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom’s dividend payout ratio is currently 33.21%.

Broadcom News Summary

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue reached $16.7 billion, exceeding its $16 billion target, and management expects higher AI revenue next quarter. That supports the view that demand for its custom AI chips remains strong despite competition from Marvell. Article: Is Broadcom Stock a Buy Now?
• Positive Sentiment: ETFs purchased $267.7 million of Broadcom shares on Nov. 2, a sign of institutional demand, though fund flows can be short-lived and do not guarantee further gains. Article: 53 ETFs Add to Broadcom Holdings
• Neutral Sentiment: A report tied midterm-election results and a potential Texas permit freeze to concerns about AI data-center investment. The article does not establish a direct effect on Broadcom, but any broader slowdown in data-center construction could weigh on AI infrastructure suppliers. Article: Steve Weiss Says the Midterms Just Put a Lid on AI Spending
• Negative Sentiment: Broadcom underperformed in a rising market. Coverage describing the session offered no specific explanation, leaving the decline potentially tied to market sentiment or profit-taking rather than a disclosed change in the company’s outlook. Article: Broadcom Stock Slides as Market Rises
• Negative Sentiment: Some commentary flags valuation as a risk, while Broadcom’s custom-chip opportunity depends on customers continuing to develop their own processors. That leaves the stock vulnerable if growth expectations cool or customer plans change. Article: Taiwan Semi or Broadcom

Broadcom 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.