Broadcom Inc. $AVGO Stock Holdings Lifted by ICICI Prudential Asset Management Co Ltd

ICICI Prudential Asset Management Co Ltd increased its position in Broadcom Inc. (NASDAQ:AVGO) by 25.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 54,670 shares of the semiconductor manufacturer’s stock after buying an additional 11,069 shares during the period. Broadcom comprises approximately 1.9% of ICICI Prudential Asset Management Co Ltd’s holdings, making the stock its 11th largest position. ICICI Prudential Asset Management Co Ltd’s holdings in Broadcom were worth $19,200,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of AVGO. PFC Capital Group Inc. raised its holdings in Broadcom by 1.9% during the third quarter. PFC Capital Group Inc. now owns 4,368 shares of the semiconductor manufacturer’s stock valued at $1,534,000 after acquiring an additional 80 shares during the period. Money Concepts Capital Corp lifted its position in shares of Broadcom by 6.8% in the third quarter. Money Concepts Capital Corp now owns 10,876 shares of the semiconductor manufacturer’s stock valued at $3,819,000 after acquiring an additional 691 shares in the last quarter. Citizens & Northern Corp boosted its stake in shares of Broadcom by 4.5% in the third quarter. Citizens & Northern Corp now owns 13,265 shares of the semiconductor manufacturer’s stock worth $4,659,000 after acquiring an additional 575 shares during the period. Altar Rock LLC boosted its stake in shares of Broadcom by 4.7% in the third quarter. Altar Rock LLC now owns 2,155 shares of the semiconductor manufacturer’s stock worth $779,000 after acquiring an additional 97 shares during the period. Finally, Legacy Trust boosted its stake in shares of Broadcom by 80.6% in the third quarter. Legacy Trust now owns 10,170 shares of the semiconductor manufacturer’s stock worth $3,316,000 after acquiring an additional 4,538 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVGO. Bank of America decreased 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. Royal Bank Of Canada began coverage on Broadcom in a report on Thursday, September 3rd. They issued an “outperform” rating on the stock. UBS Group downgraded Broadcom from a “hold” rating to a “neutral” rating in a research note on Tuesday, October 27th. Tigress Financial assumed coverage on shares of Broadcom in a report on Thursday, October 22nd. They set a “buy” rating and a $600.00 price objective for the company. Finally, HC Wainwright started coverage on shares of Broadcom in a report on Tuesday, October 27th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $525.19.

Trending Headlines about Broadcom

Here are a few of the latest headlines about AVGO:

• Positive Sentiment: Despite Rothschild & Co Redburn’s downgrade, the articles note that Wall Street’s average price target remains around $533, above the firm’s new $398 target. This suggests some analysts still see substantial upside. Is Rothschild & Co Redburn Wrong to Give Up on Broadcom?
• Neutral Sentiment: Broadcom had recently rallied as investors considered whether NVIDIA’s leadership turmoil could redirect demand to rival chipmakers. NVIDIA’s rebound on Friday, however, prompted some investors to reassess that rotation. AMD, Broadcom stocks fall as Nvidia rebounds
• Negative Sentiment: Rothschild & Co Redburn cut AVGO to Neutral from Buy and lowered its price target by 33%, from $595 to $398. It flagged risk from Broadcom’s growing exposure to AI financing arrangements, including reliance on AI companies such as Anthropic and OpenAI that are not yet self-funding. Broadcom stock falls as firm flags AI financing risks

Broadcom Price Performance

Shares of AVGO traded down $17.35 during midday trading on Friday, hitting $347.01. 31,579,948 shares of the company traded hands, compared to its average volume of 26,761,208. The stock has a market cap of $1.66 trillion, a price-to-earnings ratio of 44.32 and a beta of 1.49. The firm has a 50 day moving average of $345.39 and a 200-day moving average of $366.55. 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 52 week low of $289.77 and a 52 week high of $495.00.

Broadcom (NASDAQ:AVGO) last issued its earnings results 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 firm 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.69 earnings per share. On average, analysts forecast that Broadcom Inc. will post 10.20 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date was Monday, September 21st. Broadcom’s dividend payout ratio (DPR) is currently 33.21%.

About Broadcom

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.