15,531 Broadcom Inc. $AVGO Shares Bought by Provenance Wealth Advisors LLC

Key Points

• Provenance Wealth Advisors increased its Broadcom stake by 672.3% in the third quarter, adding 15,531 shares to hold 17,841 shares valued at about $6.27 million.
• Analyst sentiment is broadly positive: Broadcom has a “Moderate Buy” consensus rating and an average price target of $530.52.
• Broadcom’s latest reported quarterly results topped expectations, with EPS of $3.32 versus $3.22 expected and revenue of $29.59 billion, up 85.5% year over year.

Provenance Wealth Advisors LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 672.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,841 shares of the semiconductor manufacturer's stock after purchasing an additional 15,531 shares during the period. Provenance Wealth Advisors LLC's holdings in Broadcom were worth $6,266,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Core Capital Management & Research inc. acquired a new position in Broadcom during the 2nd quarter worth $31,000. DecisionPoint Financial LLC increased its stake in shares of Broadcom by 101.9% in the 3rd quarter. DecisionPoint Financial LLC now owns 105 shares of the semiconductor manufacturer's stock valued at $36,000 after buying an additional 53 shares during the period. Harborfront Financial Group LLC bought a new stake in shares of Broadcom during the second quarter worth $38,000. Align Financial LLC raised its position in shares of Broadcom by 67.2% during the third quarter. Align Financial LLC now owns 112 shares of the semiconductor manufacturer's stock worth $38,000 after acquiring an additional 45 shares during the last quarter. Finally, Curry Webb Wealth Management LLC acquired a new position in shares of Broadcom during the third quarter valued at $41,000. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

AVGO has been the topic of several recent research reports. Oppenheimer initiated coverage on Broadcom in a report on Tuesday, October 27th. They issued a "buy" rating on the stock. Wall Street Zen downgraded shares of Broadcom from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 18th. The Goldman Sachs Group raised their target price on shares of Broadcom from $525.00 to $540.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. BMO Capital Markets boosted their price target on shares of Broadcom from $455.00 to $575.00 and gave the stock an "outperform" rating in a research note on Thursday, September 3rd. Finally, BNP Paribas Exane increased their price objective on shares of Broadcom from $675.00 to $715.00 and gave the company an "outperform" rating in a report on Friday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $530.52.

Broadcom Trading Up 0.7%

NASDAQ:AVGO traded up $2.16 during mid-day trading on Friday, hitting $293.69. The company had a trading volume of 32,366,942 shares, compared to its average volume of 22,165,412. 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 fifty-two week low of $289.77 and a fifty-two week high of $495.00. The firm has a market cap of $1.40 trillion, a P/E ratio of 37.51 and a beta of 1.49. The business's fifty day moving average is $347.89 and its two-hundred day moving average is $366.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, beating analysts' consensus estimates of $3.22 by $0.10. The company had revenue of $29.59 billion during 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%. Broadcom's revenue was up 85.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.69 EPS. As a group, research analysts expect that Broadcom Inc. will post 10.37 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom's dividend payout ratio is presently 33.21%.

Trending Headlines about Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue is surging, and management sees significant growth potential over the next several years. One analysis argues that the market may not yet reflect that opportunity; another estimates the shares could be undervalued. Prediction: November Will Be a Huge Month for Broadcom Broadcom Stock Could Be 37% Undervalued
• Neutral Sentiment: Some coverage frames the recent pullback as a potential turning point, with a widening gap between AI business growth and the share-price trend. Whether fundamentals prompt a recovery remains uncertain. Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: Near-term risks include the broad AI-chip selloff and worries that higher interest rates could curb AI spending. Potential limits on new data-center permits in some states add uncertainty about future infrastructure buildouts. Broadcom’s AI Revenue Is Exploding. Here’s What Investors Should Watch Next. Broadcom Drops Amid Broad Chip Selloff
• Negative Sentiment: Investor positioning has also weighed on sentiment: ARK sold a large Broadcom holding during the selloff while buying Nvidia. Broadcom is still down sharply over the past month, despite the recent lift. ARK Buys Nvidia and Sells Broadcom Broadcom Is Still Down 22% in the Past Month

Broadcom 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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